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:

Sufficient Funds

Availability of enough money or resources to meet financial obligations or complete transactions.

Certificate Of Deposit

A document whereby a bank promises to pay a payee a certain amount of money at a future time.

Promise

A declaration or assurance that one will do something or that a particular thing will happen.

Accord

An agreement in the context of contract law where one party agrees to accept a substitute form of satisfaction from the other party.