Which of the Following Statements Is Correct with Respect to FASB

question 25

Multiple Choice

Which of the following statements is correct with respect to FASB and IFRSs' standards of accounting disclosure?

• A) In general, pronouncements of FASB are more detailed, while those in IFRSs tend to rely more on professional judgement.
• B) In general, pronouncements of FASB are less detailed, while those in IFRSs tend to rely more on professional judgement.
• C) In general, pronouncements of FASB are more detailed, while those in IFRSs tend to rely less on professional judgement.
• D) In general, pronouncements of FASB are less detailed, while those in IFRSs tend to rely less on professional judgement.

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Definitions:

Diminishing Marginal Utility

The decrease in satisfaction or utility that a person derives from consuming each additional unit of a good or service.

Demand Curves

A graphical representation that shows the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at various prices.

Marginal Utility

The extra value or satisfaction garnered by a consumer with the acquisition of one more unit of a good or service.

Total Utility

The overall satisfaction or happiness received from consuming a certain amount of goods or services.