Which of the Following Is NOT an Objective of the International

question 3

Multiple Choice

Which of the following is NOT an objective of the International Accounting Standards Board?

• A) To establish worldwide uniformity of accounting practice
• B) To develop a single set of enforceable global accounting standards
• C) To promote the use and application of global accounting standards
• D) To encourage convergence of national accounting standards and international accounting standards

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Definitions:

Savings Account

An account for holding deposits at a bank or another financial entity, ensuring the safety of the principal amount while offering a slight interest rate.

Annual Interest

The amount of interest due over the course of a year on borrowed capital or invested funds.

Accounting Profits

The difference between a company's total revenue and its explicit costs, not including opportunity costs.

Savings Account

A deposit account held at a bank or financial institution that pays interest but typically has limited transactions.