Which of the Following Is True About Reference Groups

question 17

Multiple Choice

Which of the following is true about reference groups?

• A) There are only positive reference groups.
• B) There are only negative reference groups.
• C) There are both positive and negative reference groups.
• D) Reference groups are neither positive nor negative.

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Definitions:

IFRS

International Financial Reporting Standards are a set of accounting standards developed by the International Accounting Standards Board that are becoming the global standard for the preparation of public company financial statements.

Interim Financial Statements

Financial reports prepared and presented for periods shorter than a fiscal year, such as quarterly or half-yearly, to provide timely information to decision-makers.

Interim Financial Reports

Financial statements that are reported on a less than annual basis, typically quarterly, to provide a continuous view of a company's financial health.

Statement of Comprehensive Income

A financial statement that displays all changes in equity during a period except those resulting from investments by and distributions to the company's owners.