All of the Following Are Benefits the U

question 13

Multiple Choice

All of the following are benefits the U.S.will gain from the adoption of globally consistent accounting standards except for:

• A) Reduction in reporting costs as the need for multiple sets of financial statements decreases.
• B) Increased quality of information available to investors.
• C) Continued expansion of capital markets across national borders, facilitating more efficient use of global capital.
• D) Nearly seamless transition with minimal expenses related to corporate governance considerations.

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Definitions:

Long-Term Contracts

Agreements that extend beyond one year, often relating to construction, service, or lease contracts.

Losses

Financial transactions or events that result in a decrease in assets, increase in liabilities, or both, leading to a reduction in equity or net assets.

Sale

A transaction between two parties where the buyer receives goods, services, or assets in exchange for money.

Revenue Recognition

Refers to the criteria or guidelines used by a company to recognize revenue in its financial statements, ensuring revenue is recorded when earned.