A Useful Theory Should Be Parsimonious,meaning That It Should Be

question 34

Multiple Choice

A useful theory should be parsimonious,meaning that it should be

• A)based on empirical research.
• B)complex.
• C)simple.
• D)verifiable.

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Definitions:

Recognition Differences

Discrepancies that occur when financial transactions are recognized at different times or amounts in financial statements.

Financial Reporting

Financial reporting involves the disclosure of financial information to the various stakeholders about the financial performance and position of an organization over a specific period.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) for global use.

U.S. GAAP

Generally Accepted Accounting Principles in the United States, which are a set of accounting standards used for financial reporting.