Which of the Following Is NOT Considered a Part of GAAP

question 24

Multiple Choice

Which of the following is NOT considered a part of GAAP in Mexico?

• A)MIPA Bulletins
• B)MIPA Interpretations
• C)International Financial Reporting Standards
• D)NBSC Statements on Accounting Practice

---

Definitions:

Fixed Cost

Costs that remain constant and do not vary with the level of business activity, including expenses like rent, salaries, and insurance.

Variable Cost

Expenses that change in proportion to the production output or sales of a company, such as raw materials and labor costs.

Measure Of Activity

A metric used to quantify the level of production or the volume of operations in a business.

Horizontal Analysis

A side-by-side comparison of two or more years’ financial statements.