Which of the Following Statements Is Not Correct

question 36

Multiple Choice

Which of the following statements is not correct?

• A) Internal secondary data are those that have been generated by your own firm or organization.
• B) External secondary data are those that have been generated by someone outside the firm or organization,often for another purpose.
• C) Internal secondary data have traditionally existed in the form of accounting or financial information.
• D) All of these statements are correct.
• E) None of these statements is correct.

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Definitions:

Enron

A former American energy company known for its massive accounting fraud that led to its bankruptcy in 2001.

U.S. Accounting Standards

The rules and guidelines set out by governing bodies, like the Financial Accounting Standards Board (FASB), for companies in the United States to follow in their financial reporting.

American Accounting Scandals

Major financial frauds and malpractices involving accounting methods that have occurred in the United States, leading to loss of investor trust and changes in regulations.

Canadian GAAP

Canadian GAAP refers to Generally Accepted Accounting Principles in Canada, which consist of guidelines and standards for financial reporting practices in Canada.