Which of the Following Is Not a True Statement

question 36

Multiple Choice

Which of the following is not a true statement?

• A) Prior to SFAS 33, the majority of accounting literature on the subject of changing prices dealt with the possibility of restating historical cost financial statements for changes in general price levels.
• B) Prior to SFAS 33, the majority of accounting literature on the subject of changing prices dealt with the possibility of adopting current cost as a new measurement system.
• C) The need to consider the effects of changing prices in financial reports has followed a rather evolutionary development.
• D) Measuring current costs is easier than restating historical cost for changes in units of currency.

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Definitions:

Standardization

The process of establishing common standards within an industry to ensure that products and services are consistent and compatible.

Contract Manufacturer

A company hired to produce goods on behalf of another company, under the hiring company's brand name.