Which of the Following Statements About the Accounting Standards Used

question 147

Multiple Choice

Which of the following statements about the accounting standards used in other countries is correct?

• A)U.S.GAAP is used worldwide.
• B)IFRS are used by all countries.
• C)More and more countries are using IFRS.
• D)There are no plans to converge U.S.GAAP with IFRS.

---

Definitions:

Efficiency Loss

The economic cost arising when market transactions do not allocate resources in the most beneficial way for society, often manifesting in deadweight loss.

Health Insurance

A type of insurance coverage that pays for medical and surgical expenses incurred by the insured or provides reimbursement for such expenses.

Competitive Pricing

A pricing strategy where businesses set prices based on the prices of similar products offered by competitors in the market.

Health Care Industry

A sector that provides medical services, manufactures medical equipment or drugs, provides medical insurance, or facilitates the provision of healthcare to patients.