Which of the Following Has NOT Been Identified as a Problem

question 19

Multiple Choice

Which of the following has NOT been identified as a problem with Australia accepting the international harmonisation of its accounting standards?

• A)Too few countries have adopted international accounting standards.
• B)IFRS standards tend to be more complex.
• C)Compromises sometimes need to be made when creating standards.
• D)None of the above,they are all problems.

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Definitions:

Unearned Revenue

Unearned revenue refers to money received by a company for goods or services yet to be delivered or performed, hence recognized as a liability until the service is completed.

Financial Statements

Reports that summarize the financial activities and condition of a business or individual.

Liability

A financial obligation or amount owed by a company to creditors, employees, tax authorities, or other entities.

Unearned Fees

Income received by a business for services yet to be performed or delivered, recorded as a liability on the balance sheet until the services are completed.