Which of the Following Statements Concerning Financial Reporting Is Correct

question 126

Multiple Choice

Which of the following statements concerning financial reporting is correct?

• A)The FASB requires all financial decision makers to adhere to a code of professional conduct.
• B)The Sarbanes-Oxley Act does not require businesses to maintain an audited system of internal control.
• C)A fundamental characteristic of useful financial information is that it fully depicts the economic substance of business activities.
• D)There is no attempt to eliminate the difference in accounting rules in the U.S.and elsewhere as this would prevent investors from comparing financial statements of companies from different countries.

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Definitions:

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