Which of the Following Statements Is FALSE

question 20

Multiple Choice

Which of the following statements is FALSE?

• A)The application of U.S.GAAP for public companies in the Unites States has been overseen by SEC.
• B)The advantage of a uniform set of global accounting standards is that financial statements from a U.S.company will be comparable to those of a foreign company.
• C)In the long run,a uniform set of global accounting standards should significantly reduce the costs of doing business globally.
• D)IFRS has been adapted in the United States.

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Definitions:

World Price

The global market price of a product or service, set by worldwide demand and supply.

Import or Export

The act of bringing goods or services into a country (imports) or selling goods or services to another country (exports).

World Price

The global market price of a commodity or a good that is traded internationally, affected by factors like supply, demand, and international trade policies.

Domestic Consumers

Inhabitants or domestic groups in a country buying items and services for private use.