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:

Peer Groups

Consist of people who are closely related in age and share similar interests.

Similar Interests

Shared hobbies, preferences, or goals among a group of individuals that often lead to social bonding and group formation.

Canadian Census

The Canadian Census is an extensive enumeration that happens every five years, collecting detailed demographic information about the population residing in Canada, including age, sex, and occupation.

Unmarried Population

The unmarried population consists of individuals who are not legally married, including those who are single, divorced, or widowed.