The Correct Statement Is

question 24

Multiple Choice

The correct statement is:

• A)The income statement prepared for internal use is similar to one prepared for external use
• B)The income statement prepared for internal use is more summarised than one prepared for external use
• C)The accounting standards govern the presentation of income statements prepared for both internal and external use
• D)While the two income statements have common elements the statement prepared for external use is more aggregated than the one prepared for internal users

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Definitions:

Export-Import Bank

A government agency or financial institution that provides financial assistance to facilitate the export and import of goods.

Private Spaceports

Facilities owned by non-governmental entities used for launching spacecrafts privately.

Absolute Liability

Absolute liability refers to a legal responsibility for damages or injury, even in the absence of fault or negligence.

Personal Injury

Harm to a person's body, emotions, or reputation, as opposed to damage to property, often the basis of legal claims.