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:

Straight Males

Men who are sexually and romantically attracted exclusively to women.

Sexual Activity

Behaviors that include genital stimulation and/or intercourse, often associated with pleasure, intimacy, or reproduction.

Contraception

A method or device used to prevent pregnancy.

Moratorium Stage

A period in Erik Erikson's stages of psychological development where an individual is actively searching for a sense of self and personal values.