The Statement That Is Most Correct Regarding the Application of Fair

question 25

Multiple Choice

The statement that is most correct regarding the application of fair value accounting and the global financial crisis (GFC) is:

• A)There is no connection between the application of fair value accounting and the GFC
• B)Some regard the practice of fair value accounting as a contributing factor in the rapid spread of the GFC from its origins in the US sub-prime mortgage market to the rest of the world
• C)Fair value accounting was one of the primary causes of the GFC
• D)There were no changes in international accounting standards relating to fair value as a result of the GFC

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Definitions:

Subcultural Influences

The impact of the customs, beliefs, and practices of a subculture on its members or on the wider society.

Multicultural

Relating to, or representing several different cultures or cultural elements.

Utilitarianism

A moral philosophy that advocates for actions that maximize happiness and well-being for the majority.

Rawls

A philosopher best known for his theory of justice as fairness, which emphasizes principles of equality and liberty in organizing society.