Which of the Following Statements About the Use of GAAP

question 36

Multiple Choice

Which of the following statements about the use of GAAP for private companies is true?

• A)Private companies must use IFRS.
• B)Private companies must use Accounting Standards for Private Enterprises.
• C)Private companies may use either full IFRS or Accounting Standards for Private Enterprises.
• D)Private companies may use either modified IFRS or Accounting Standards for Private Enterprises.

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Definitions:

ADH

Anti-Diuretic Hormone, a peptide hormone that regulates the body's retention of water by increasing water reabsorption in the kidneys.

Thyroid Hormone

A hormone produced by the thyroid gland, critical to the regulation of metabolism and energy.

TSH

Thyroid-Stimulating Hormone; a hormone produced by the pituitary gland that regulates the production of thyroid hormones and thus controls metabolism.

Pathological Condition

A state that is contrary to normal health, often characterized by various signs and symptoms of disease.