Which of the Following Is Generally True About the Differences

question 7

Multiple Choice

Which of the following is generally true about the differences between U.S.GAAP and IASB standards?

• A)U)S.GAAP is generally more flexible than IASB standards.
• B)U)S.GAAP tends to be more rule-based and the IASB standards tend to be principles-based.
• C)More professional judgment is required to apply U.S.GAAP than is required for implementing IASB standards.
• D)In all cases,U.S.GAAP is more detailed than the IASB standards.

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Definitions:

Burritos

A type of Mexican food consisting of a wheat flour tortilla wrapped or folded into a cylindrical shape to fully enclose the filling.

Marginal Revenue

The additional income earned from selling one more unit of a good or service; it's the change in total revenue divided by the change in the quantity sold.

Burritos

A type of Mexican and Tex-Mex cuisine that consists of a wheat flour tortilla wrapped or folded into a cylindrical shape to completely enclose a filling.

Marginal Revenue

The additional income received from selling one more unit of a good or service; it's a critical concept in determining optimal output level.