Which of the Following Statements Is True of Trade Related

question 96

Multiple Choice

Which of the following statements is true of Trade Related Aspects of International Property Rights (TRIPS) and the member nations of the World Trade Organization (WTO) ?

• A) In the Paris Convention of 1883, the members of the WTO accepted TRIPS as the solution to issues related to intellectual property rights.
• B) TRIPS entered into force with the conclusion of the Berne Convention of 1886.
• C) Developed countries had to comply with TRIPS 11 years after it came into force.
• D) China has changed its intellectual property laws to come into compliance with TRIPS.

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Definitions:

IFRS

International Financial Reporting Standards, a set of global accounting guidelines outlining how transactions and other accounting events should be reported in financial statements.

Internal Control Procedures

Methods and guidelines set up by an organization to guarantee the accuracy of fiscal and accounting data, encourage responsibility, and deter dishonest practices.

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those presented on a bank statement to ensure consistency and accuracy of financial data.

Memoranda

Brief, informal written records used to aid memory or inform others within an organization.