Which of the Following Is NOT an Objective of the International

question 3

Multiple Choice

Which of the following is NOT an objective of the International Accounting Standards Board?

• A) To establish worldwide uniformity of accounting practice
• B) To develop a single set of enforceable global accounting standards
• C) To promote the use and application of global accounting standards
• D) To encourage convergence of national accounting standards and international accounting standards

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Definitions:

Administrative Expenses

Costs related to the general operation of a business, including salaries of non-production staff, office supplies, and legal fees.

Variable Period Cost

Costs that vary with the level of production output or sales and are incurred during a specific accounting period, like direct materials and variable manufacturing overhead.

Delivery Charges

Fees associated with the transport and delivery of goods from the seller to the buyer.

Fixed Product Cost

Costs associated with a product that do not vary with the level of output, such as rent, depreciation, and salaries of permanent staff.