Which of the Following Statements Holds True for Generally Accepted

question 2

Multiple Choice

Which of the following statements holds true for generally accepted accounting principles (GAAP) ?

• A)It refers to a set of accounting standards issued by theInternational Public Sector Accounting Standards (IPSAS)Board for use by public sector entities throughout the world to prepare their financial statements.
• B)It refers to the standards developed by the International Accounting Standards Board (IASB)for reporting company financial results and that are followed by over one hundred nations throughout the world.
• C)It refers to the set of standards that are developed by the European Union for reporting any discrepancies in financial reporting by non-EU firms.
• D)It refers to the standards that are developed by the International Monetary Fund to assess the financial strength and credit worthiness of countries throughout the world.
• E)It refers to the standards that are developed by the US Financial Accounting Standards Board (FASB)for reporting company financial results and that all US companies or companies operating in the US must follow.

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Definitions:

Mercenaries, Fortresses

refers to a defensive strategy in business or warfare, incorporating hired soldiers (mercenaries) and strongholds (fortresses) for protection and control.

Communes

Social groups living together with shared resources and responsibilities, often with a common ideological or lifestyle foundation.

Organizational Culture

The shared values, beliefs, and norms that influence the way employees think, feel, and behave in an organization.

"Right Way"

A term that implies a belief in an absolute, most effective method or approach to do something.