With Respect to Finance in Action: Global, Which of the Following

question 85

Multiple Choice

With respect to Finance in Action: Global, which of the following is NOT true:

• A)International Accounting Standards and United States GAAP are now in full agreement.
• B)LIFO is forbidden under International Financial Reporting Standards.
• C)International Financial Reporting Standards are "rules-based."
• D)Under United States GAAP the method of depreciating long-term assets is at the discretion of the company's management

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Definitions:

Linear Thinking

A thought process that follows a straight, direct path to reach a conclusion or solution, often focusing on sequential steps.

Causality

The relationship between a cause and its effect, where one event is understood to be a consequence of the other.

Sophisticated

Having a refined knowledge of the world, complex or developed in a way that is not immediately obvious.

Centrated Thinking

A cognitive phenomenon in early childhood, where a child focuses on one aspect of a situation while neglecting others, indicative of preoperational thinking according to Jean Piaget.