Question

Find three true answers.


IFRS means International Financial Reportng Standards.


IFRS is practiced only in the United States.


U.S. companies must usually convert their financial statements to IFRS to sell their stock in other countries.


U.S. companies must usually convert their financial statements to IFRS to borrow money in other countries.


The IASB develops Generally Accepted Accounting Principles (GAAP).

Answer 1

@abb0t

Answer 2

This is not mathematics.

Answer 3

@abb0t i know but theres no section for accounting

Answer 4

@TylerD can you please help me

Answer 5

no clue

Answer 6

@juliannescriv can you please help me

Answer 7

first one is true

Answer 8

2nd one is false

Answer 9

and the third, and the fourth i think

Answer 10

^ are true

Answer 11

@juliannescriv i got the first one, but im not sure about the rest

Answer 12

@dumbcow do you think #3,4 are right?

Answer 13

i honestly dont know, it makes sense that it would be true though

Answer 14

im confused i ahve like 20 minutes for this question haha

Answer 15

@juliannescriv are you sure that #1,3,4 are correct

Answer 16

google accounting help.... i never took any accounting

Answer 17

i tried that its all gonna take about 3-4 hours

Answer 18

read this
http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards

Answer 19

the FASB does the GAAP, and we already know number 2 is false.

Answer 20

that leave 3 and 4

Answer 21

it has to be either 3 or 4 because it can only be one if you read it

Answer 22

you can convert it to borrow and sell

Answer 23

so it can be both?

Answer 24

believe so

Answer 25

so we know for sure #1 is correct

Answer 26

and we know that number 2 is wrong because it cant be international and only in the US

Answer 27

what about #5

Answer 28

so #2 is correct? because it says it is only practiced in the us?

Answer 29

no, number 2 is wrong

Answer 30

the thing is called the "International Convergence of Accounting Standards"

Answer 31

so it can't be international but only practiced in the US

Answer 32

and then the IASB doesn't control the GAAP

Answer 33

so 1, 3, and 4 are correct

Answer 34

so what do you think about #5

Answer 35

youre sure right? because the thing is i can only get either a 100 or 0 lol

Answer 36

@cj49

Answer 37

what do you think @cj49

Answer 38

@juliannescriv thank you so much. it was right :)

Answer 39

yw :)

Answer 40

1st one is true....2nd one is false...3rd is correct and the last one is not true bc FASB and IASB work together..

Answer 41

thank you :) @cj49