Tim and Jim Are Identical Twins Who Were Raised Apart

question 35

Multiple Choice

Tim and Jim are identical twins who were raised apart. Ned and Ed are fraternal twins who were raised together. Which pair of twins will have more similar IQ scores, if either?

• A) Tim and Jim
• B) Ned and Ed
• C) It is impossible to answer based on the given information.
• D) All twins have the same IQ.

---

Definitions:

Accounting Assumptions

Foundations that underlie the financial statements, such as the assumption that a company will continue to operate (going concern assumption).

Conventions

Established practices or agreed-upon methods in accounting that guide the preparation and presentation of financial statements.

Recognition Criteria

The conditions that must be met for a particular item to be included on the financial statements, ensuring transactions are recorded in the correct accounting period.

FASB

The Financial Accounting Standards Board, an independent nonprofit organization responsible for establishing accounting and financial reporting standards in the United States.