Which of the Following Statements Correctly Compares International Accounting Standards

question 60

Multiple Choice

Which of the following statements correctly compares international accounting standards?

• A)The standards are becoming less similar over time
• B)The standards are typically more lenient in Canada and the U.S.
• C)The standards are typically stricter in Canada and the U.S.
• D)Balance sheets differ, but income statements are similar in all countries

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Definitions:

Accounts Receivable

Amounts of money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Allowance For Doubtful Accounts

A contra-asset account used to estimate the portion of accounts receivable that is expected not to be collectible due to credit sales.

IFRS

International Financial Reporting Standards, a set of global accounting standards for financial reporting.

GAAP

A set of widely followed rules and standards in financial reporting, termed Generally Accepted Accounting Principles.