Because Differences in Culture and Business Environments Leads to Differences

question 35

True/False

Because differences in culture and business environments leads to differences in the GAAP of countires,in 1970 an international GAAP was developed and is used by all countries today.

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Definitions:

Cost Drivers

Factors that cause a change in the cost of an activity, used to assign overhead costs in activity-based costing systems.

Vocational School

An educational institution that provides specialized training and education targeted toward particular careers or trades.

Flexible Budget

A flexible budget adjusts expenses based on changes in actual revenue or other activity levels, allowing for more accurate financial planning.

Cost Drivers

Factors that cause a change in the cost of an activity, such as machine hours, labor hours, or material size.