Convergence Refers to

question 7

Multiple Choice

Convergence refers to

• A) using the same accounting principles from one period to the next.
• B) use of the same accounting principles by all companies.
• C) the elimination of all accounting standard-setting bodies except the International Accounting Standards Board.
• D) the process of reducing the differences between IFRS and GAAP.

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Definitions:

Type II Error

A statistical error made when failing to reject a false null hypothesis, also known as a false negative.

Null Hypothesis

is a default hypothesis that there is no significant difference or effect.

Alternative Hypothesis

The alternative hypothesis proposes that there is a statistically significant difference between data sets or effects, contrary to the null hypothesis.

Type II Error

The statistical error that occurs when a test fails to reject a false null hypothesis, also known as a "false negative" finding.