Convergence Refers to

question 7

Multiple Choice

Convergence refers to

• A) using the same accounting principles from one period to the next.
• B) use of the same accounting principles by all companies.
• C) the elimination of all accounting standard-setting bodies except the International Accounting Standards Board.
• D) the process of reducing the differences between IFRS and GAAP.

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Definitions:

Inconsistencies

Occurrences of being in conflict or not being consistent in thoughts, behaviors, or actions.

Attitudes

Mental inclinations demonstrated through assessing a specific entity with a certain level of preference or aversion.

Kitty Genovese

A woman whose 1964 murder in New York City became famous due to the alleged inaction of numerous witnesses, later prompting the study of the bystander effect.

Assault

An act of physical violence or a threat that places someone in immediate fear of bodily harm or offensive contact.