The SEC Has Moved to Adopt IFRS for Which Types

question 59

Multiple Choice

The SEC has moved to adopt IFRS for which types of companies?

• A)All U.S.companies
• B)Only foreign companies operating in the US
• C)All U.S.publicly traded companies
• D)All U.S.private companies

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Definitions:

Post-closing Trial Balance

A list of all accounts and their balances after closing entries are made, used to verify the equality of debits and credits.

Balance Sheet Accounts

Accounts that are reported on the balance sheet and include assets, liabilities, and equity sections, reflecting the financial position of a company at a specific time.

Owner's Equity

The residual interest in the assets of a business after deducting its liabilities.

Total Liabilities

The sum of all financial obligations a company owes to outside parties, including loans, accounts payable, and mortgages.