The IASB Located in London Is Responsible for Harmonizing Accounting

question 49

Multiple Choice

The IASB located in London is responsible for harmonizing accounting principles in:

• A) US only
• B) European Union
• C) Developed countries
• D) World countries

---

Definitions:

Rival In Consumption

Goods or services that cannot be enjoyed by more than one person at the same time, as the consumption by one prevents that by another.

Common Resource

A resource like air or water that is not owned by anyone, but available for use by everyone, often leading to overuse and depletion.

Common Resources

Goods that are non-excludable and rival in consumption, such as fisheries, forests, and the atmosphere, which are accessible to all but can be depleted by overuse.

Overuse

Refers to the excessive use of a resource to the point where it diminishes its availability or quality.