Which of the Following Is True About International Accounting Standards

question 24

Multiple Choice

Which of the following is true about international accounting standards?

• A) Significant differences exist between U.S.GAAP and GAAP of other countries.
• B) Few differences exist between U.S.GAAP and GAAP of other countries.
• C) The IASB is the standards-setting body of France.
• D) It is unlikely that the differences between U.S.GAAP and GAAP of other countries will diminish over time.

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Definitions:

Social Entrepreneurship

The pursuit of entrepreneurial ventures with a major emphasis on achieving social goals and positive externalities.

Not-For-Profit

A tax status granted to companies performing functions deemed by Congress to be socially desirable that exempts them from income tax and, in some cases, allows them to receive tax-deductible donations.

Entrepreneurial Spirit

An attitude and approach characterized by innovation, risk-taking, and the ability to see and seize opportunities for business or personal gain.

Entrepreneur

An individual who undertakes the creation, organization, and ownership of an innovative business with potential for growth and financial reward.