Which of the Following Statements Holds True for Generally Accepted

question 2

Multiple Choice

Which of the following statements holds true for generally accepted accounting principles (GAAP) ?

• A)It refers to a set of accounting standards issued by theInternational Public Sector Accounting Standards (IPSAS)Board for use by public sector entities throughout the world to prepare their financial statements.
• B)It refers to the standards developed by the International Accounting Standards Board (IASB)for reporting company financial results and that are followed by over one hundred nations throughout the world.
• C)It refers to the set of standards that are developed by the European Union for reporting any discrepancies in financial reporting by non-EU firms.
• D)It refers to the standards that are developed by the International Monetary Fund to assess the financial strength and credit worthiness of countries throughout the world.
• E)It refers to the standards that are developed by the US Financial Accounting Standards Board (FASB)for reporting company financial results and that all US companies or companies operating in the US must follow.

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Definitions:

More

An additional quantity, amount, or number of something, often used to indicate excess or the desire for additional items or information.

Instrumental Activity

Tasks or actions performed by an individual that are essential for independent living, such as housekeeping, managing finances, or taking medication.

Preparing Food

The process of making food ready for consumption, including tasks such as washing, cutting, cooking, and seasoning.

Going to Work

The act of performing duties or activities for employment or occupation, usually outside the home.