The Main Advantage of the Accounting Standards Codification ACS) Is

question 38

Multiple Choice

The main advantage of the Accounting Standards Codification ACS) is:

• A) convergence of national accounting standards and IFRS.
• B) a shift from national accounting to international accounting.
• C) a shift from a standards-based model of organization to one based on topical area.
• D) all of the above.

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Definitions:

Cash Receipts

The monetary amounts received by a company during a specific period for goods sold, services provided, or any other business activities.

Bank Loan

A sum of money borrowed from a bank that must be repaid with interest over a predetermined period.

Net Income

The total profit of a company after all expenses and taxes have been subtracted from revenue.

Revenues

The income generated from normal business operations, calculated by multiplying the price of goods or services by the quantity sold.