International Accounting Standards Differ from U

question 48

Multiple Choice

International accounting standards differ from U.S.Generally Accepted Accounting Principles in that International standards

• A)require that firm sale or purchase commitments are accounted for as fair value hedges.
• B)require that firm sale or purchase commitments are accounted for as cash flow hedges.
• C)state that firm sale or purchase commitments may not be treated as a hedged transaction.
• D)permit firm sale or purchase commitments to be accounted for as either fair value hedges or cash flow hedges.

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Definitions:

Future Generations

The people who will live at a later time, for whom current generations have a responsibility to leave a sustainable environment.

Maintained

Kept in a specified state or condition.

Sagebrush Rebellion

A movement primarily in the Western United States advocating for more state and local control over federal land policies and management.

Environmental Laws

Statutes and regulations aimed at protecting the environment from harm caused by human activities, through the regulation of pollution, resource management, and conservation.