As a Generalized Statement Regarding Lease Accounting, Which Statement Best

question 73

Multiple Choice

As a generalized statement regarding lease accounting, which statement best describes U.S.versus international accounting principles?

• A)IFRS for leases are more principles-based than GAAP.
• B)IFRS for leases are more rules-based than GAAP.
• C)IFRS and GAAP are similarly rules-based.
• D)IFRS and GAAP are similarly principles-based.

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Definitions:

Tariffs

Taxes imposed on imported goods and services, used to restrict trade, as they increase the price of imported goods and services, making them more expensive to consumers.

Foreign Competition

Foreign competition involves businesses based in one country competing against products or services offered by companies based in other countries.

Supply Chains

Networks of individuals, organizations, resources, activities, and technology involved in the production and delivery of a product or service from supplier to consumer.

Culture

The set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society; exists on two levels.