Which of the Following Statements Correctly Describes International Accounting Standards

question 21

Multiple Choice

Which of the following statements correctly describes international accounting standards?

• A) The standards are becoming less similar over time.
• B) They are concerned only with assets and not liabilities.
• C) Compared with standards in the United States international standards involve less detailed rules .
• D) Balance sheets differ, but income statements are similar in all countries.

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Definitions:

Altruism

A selfless concern for the well-being of others without expectation of reward or recognition.

Unselfishly

Acting with regard for the welfare of others rather than oneself; showing selflessness.

Welfare of Others

The health, happiness, and fortunes of other people considered collectively.

Shopping Mall

A large indoor retail complex containing various shops, restaurants, and sometimes entertainment facilities, designed for shopping convenience.