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:

Money Income

The total amount of money or monetary earnings received by an individual or household over a certain period of time.

Budget Line

A graphical representation of all possible combinations of two goods that a consumer can afford with their income level.

Production Possibilities Curve

A graphical representation that shows the maximum number of goods or services that can be produced using limited resources.

Full Employment

A situation in which all available labor resources are being used in the most economically efficient way, often characterized by the absence of cyclical unemployment.