Which of the Following Is Correct with Respect to Generally

question 119

Short Answer

Which of the following is correct with respect to generally accepted accounting principles?
Public and private businesses can no longer use generally accepted accounting principles.
They are used in many foreign countries but not in Canada.
Public companies in Canada have moved away from using generally accepted accounting principles and have adopted adopted International Financial Reporting Standards (IFRS).
Private companies must use the new International Financial Reporting Standards (IFRS).
None of these statements are correct.

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Definitions:

Businesses

Organizations engaged in commercial, industrial, or professional activities with the goal of earning a profit.

Perceived Value

The value a customer believes a product or service will provide, often influencing their purchasing decisions.

Sex Appeal

The attractiveness or appeal of a person, object, or message, often used in marketing to attract and engage consumers.

Social Norms

Unwritten rules that govern behavior in society, guiding what is considered acceptable or unacceptable in social contexts.