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:

Insurance Companies

Corporations that provide coverage, or reimbursement, to policyholders in the event of certain losses, sickness, or damage, in exchange for premium payments.

Birth Control Pills

A form of oral contraception that uses hormonal compounds to prevent ovulation, alter the uterine lining, and inhibit sperm movement to prevent pregnancy.

United States

A country in North America consisting of 50 states, a federal district, five major self-governing territories, and various possessions.

Fetishism

A psychiatric condition where sexual gratification is linked to a non-living object or a specific non-genital body part.