Which of the Following Statements Is True Regarding the Project

question 9

Multiple Choice

Which of the following statements is true regarding the project to rework the structure of financial statements undertaken by the International Accounting Standard Board (IASB) and the Financial Accounting Standards Board (FASB) ?

• A)The proposed changes to the financial statements would result in considerably more detail than currently seen under IFRS and U.S.GAAP.
• B)The proposed structure is meant to draw attention away from net income.
• C)The proposed structure will adopt major groupings similar to those currently used by the statement of cash flows (operating, investing, and financial).
• D)All of the choices are correct regarding the project to rework the structure of financial statements undertaken by the IASB and the FASB.

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Definitions:

Sternocleidomastoid

A muscle in the neck that is responsible for rotation and flexion of the head.

Orbicularis Oculi

A facial muscle that encircles the eye socket, responsible for closing the eyelids.

Masseter

A facial muscle critical for chewing and biting, located at the angle of the jaw.

Plantar Flexes

The movement that increases the angle between the shin and the top of the foot, pointing the toes downward.