Which of the Following Statements Concerning Financial Reporting Is Not

question 148

Multiple Choice

Which of the following statements concerning financial reporting is not correct?

• A)Accounting rules in the U.S.are called GAAP.
• B)Accounting rules developed by the IASB are called IFRS.
• C)Both GAAP and IFRS share the same goal,which is to ensure useful information to users of financial statements.
• D)There are no differences between the accounting rules developed by FASB and those developed by IASB.

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Definitions:

Stock

A type of security that signifies ownership in a corporation and represents a claim on part of the corporation's assets and earnings.

Net Asset Value

The total value of an entity's assets minus the total value of its liabilities, often used in evaluating investment funds.

Year-End Assets

The total value of all assets held by an individual, company, or institution at the conclusion of a fiscal year.

Liabilities

Financial obligations or debts a company owes to others, which must be settled over time through the transfer of economic benefits.