Which of the Following Is Correct with Respect to Generally

question 50

Multiple Choice

Which of the following is correct with respect to generally accepted accounting principles?

• A) Public and private businesses can no longer use generally accepted accounting principles.
• B) They are used in many foreign countries but not in Canada.
• C) Public companies in Canada have moved away from using generally accepted accounting principles and have adopted International Financial Reporting Standards (IFRS).
• D) Private companies must use the new International Financial Reporting Standards (IFRS).
• E) None of these statements in correct.

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