Which of the Following Statements Is TRUE

question 139

Multiple Choice

Which of the following statements is TRUE?

• A)The IASB is the current standards setting body for the U.S.accounting profession.
• B)The FASB determines U.S.generally accepted accounting principles.
• C)Applying IFRS will require much less judgment and interpretation than following U.S.GAAP.
• D)The IRS determines generally accepted accounting principles.

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Definitions:

Pablo Picasso

A Spanish painter and sculptor, known for co-founding the Cubist movement and for the variety and innovation of his work across different periods.

Caudillo

A military or political leader in Spanish-speaking countries, often associated with dictatorship or authoritarian rule.

Francisco Franco

A Spanish general who ruled over Spain as a military dictator from 1939 until his death in 1975, following the Spanish Civil War.

Gulags

Gulags were a system of forced labor camps established by the Soviet Union, used to detain political prisoners and criminals, notorious for their harsh conditions and violations of human rights.