Under U.S. GAAP

question 32

Multiple Choice

Under U.S. GAAP

• A) currency signs are generally used in the journal, ledger, trial balance, and financial statements.
• B) share Capital - Ordinary is referred to as Retained Earnings.
• C) the statement of financial position is often called the statement of changes in financial position.
• D) the rules of debits and credits, and the steps in the recording process are the same as under IFRS (International Financial Reporting Standards).

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Definitions:

Variance

A measure of the dispersion of a set of data points in a dataset, indicating how far each data point lies from the mean.

Variability

Refers to the extent to which data points in a statistical distribution or data set diverge from the average value.

Range

The difference between the highest and lowest values in a data set, showing the spread or dispersion of the data points.

Subtract

To subtract means to take away one quantity from another, resulting in the difference between the two values.