The Chapter 17 Connecting Across Borders Box Discusses the Future

question 35

Multiple Choice

The Chapter 17 Connecting Across Borders box discusses the future of international accounting standards.In summary,the message is:

• A) GAAP (Generally Accepted Accounting Standards)created and established in the U.S.will be adopted worldwide by 2014.
• B) Accounting professionals do not see an immediate need to standardize accounting practices globally due to the fact that patents and other legal measures are not standardized.
• C) Due to the fact that global markets continue to rise in economic importance,the accounting field is working on integrating GAAP with IFRS (International Financial Reporting Standards).
• D) It has been established that most U.S.accountants will refuse to acknowledge the IFRS standards because U.S.accounting firms mostly represent companies that do business domestically.

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Definitions:

Sample Mean

The average calculated from a sample of data, representing the central tendency of that sample.

Population Average

The mean value or average of all the values in a population.

Observed Z Value

A statistic measured in a dataset to determine how many standard deviations an element is from the mean.

Sample Mean

The average value of a sample set of numbers, calculated by summing all observations and dividing by the number of observations.