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:

Social Consensus

General agreement among members of a society or a group on basic values, beliefs, and norms.

Earth Moves

A term often related to the perceptible shifting or movement of the Earth’s surface due to natural phenomena like earthquakes.

Sun

The star at the center of our solar system, which is a nearly perfect sphere of hot plasma, generating energy and supporting life on Earth through its light and warmth.

Determinists

Individuals who believe in determinism, the doctrine that all events, including moral choices, are completely determined by previously existing causes.