Accounting Terminology Differs from One Country to Another

question 9

Multiple Choice

Accounting terminology differs from one country to another.Which terms deal with the same concept respectively in US,UK and IASB terminology?

• A) Long-term/Fixed/Non-current Assets
• B) Short-term/Fixed/Non-current Assets
• C) Long-term/Fixed/Non-operating Assets
• D) Long-term/Tangible/Non-current Assets

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Definitions:

Exports

Items or services created in one country and traded to customers in another country.

Net Exports

The value of a country's total exports minus the value of its total imports, representing the net trade balance.

GDP

Gross Domestic Product, the total value of all goods and services produced over a specific time period within a country’s borders.

Investment

The expenditure on capital goods including buildings, machinery, and equipment, intended to enhance future production or yield future returns.