Which of the Following Is Not a Problem Caused by Diversity

question 46

Multiple Choice

Which of the following is not a problem caused by diversity in accounting practices across countries?

• A) Comparing companies in the same industry that are headquartered in different countries.
• B) Translating foreign currency balances into U.S. dollars.
• C) Converting local GAAP financial statements into U.S. GAAP for consolidation purposes.
• D) Maintaining separate accounting records in both the local and U.S. GAAP.
• E) Identifying and retaining personnel who are competent to prepare financial statements in both international and domestic accounting standards.

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Definitions:

Tourism

The industry and activity of traveling for pleasure or business, including the services and infrastructure supporting travelers.

Sculpting

The process of shaping or carving materials into art or specific forms, or metaphorically referring to natural forces shaping landscapes.

Landscape

The visible features of an area of land, including physical elements such as landforms, living elements of flora and fauna, and human elements like human intervention.

Ocean Waves

Rhythmic movements of the water in oceans and seas, often caused by wind or geological factors.