Which of the Following Statements Is True

question 41

Multiple Choice

Which of the following statements is true?

• A)Foreign firms registered with the SEC may file reports based on IFRS.
• B)U.S.firms registered with the SEC may file reports based on IFRS.
• C)The European Union requires firms to report based on GAAP.
• D)Foreign firms registered with the SEC may file reports based on IFRS only if they reconcile all amounts to GAAP.

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Definitions:

Electrical Schematics

Diagrams that represent the components and connections in an electrical circuit, using standardized symbols to facilitate understanding and troubleshooting.

Rheostat

A variable resistor.

Tolerance

The allowable variation in a component’s specified value, such as resistance or capacitance, indicating the accuracy of its manufacture.

Color Bands

Colored stripes on components such as resistors that represent numbers according to a standardized code, used to indicate their value, tolerance, and sometimes temperature coefficient.