Which of the Following Statement(s)is/are True with Respect to the Differences

question 37

Multiple Choice

Which of the following statement(s) is/are true with respect to the differences between IFRS and US generally accepted accounting standards?

• A) There are no differences between IFRS and US generally accepted accounting standards.
• B) There are only slight differences between IFRS and US generally accepted accounting standards.
• C) There was a decision made by both the IASB and the US Financial Accounting Standards Board (FASB) to pursue a high Difficulty of convergence program designed to bring a number of short-term fixes between the two sets of accounting standards.
• D) There are only slight differences between IFRS and US generally accepted accounting standards; and there was a decision made by both the IASB and the US Financial Accounting Standards Board (FASB) to pursue a high Difficulty of convergence program designed to bring a number of short-term fixes between the two sets of accounting standards.
• E) None of the given answers.

---

Definitions:

Monopolistically Competitive

Describes a market structure where many companies sell products that are similar but not identical, leading to competition based on product differentiation.

Average Total Cost

is the total cost of production (fixed and variable costs combined) divided by the quantity of output produced.

Economic Profits

Represents the difference between a firm's total revenues and its total costs, including both explicit and implicit costs.

Monopolistically Competitive

A type of market organization where a large number of enterprises sell products that are closely related but not exact replicas, enabling these firms to possess a measure of market control.