Which Statement Is Not Correct

question 55

Multiple Choice

Which statement is not correct?

• A)Private enterprises may follow IFRS.
• B)Private enterprises may follow ASPE.
• C)Not-for-profit organizations may follow IFRS.
• D)Government organizations must follow IFRS.

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Definitions:

Tax Levied

The process of imposing a tax by a governing authority on the citizens and organizations.

Buyers And Sellers

Participants in a market where buyers exchange money for goods or services from sellers, creating economic transactions.

Deadweight Loss

The loss of economic efficiency that occurs when the equitable balance of supply and demand is not achieved due to market distortion.

Tax Increases

Governmental action to raise the amount of money collected from taxes, often affecting income, sales, or property taxes.