Which of the Following Statements About the Accounting Standards Used

question 147

Multiple Choice

Which of the following statements about the accounting standards used in other countries is correct?

• A)U.S.GAAP is used worldwide.
• B)IFRS are used by all countries.
• C)More and more countries are using IFRS.
• D)There are no plans to converge U.S.GAAP with IFRS.

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Definitions:

Communication

The exchange of information or ideas between individuals or groups using spoken words, written language, or other symbols.

Systems Theory

An interdisciplinary theory that studies complex systems in nature, society, and science, analyzing how various parts interrelate and how systems work over time.

Boundaries

Limits or borders that define acceptable behavior and responsibilities in relationships or activities.

Subordinate Systems

Systems that operate under the guidance or control of a higher-order system or authority.