Question

Which statement is FALSE? O A. The most commonly used accounting practices are essentially the same under both U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards O B. Interational Financial Reporting Standards are used by most countries around the world. C. For many years, U.S. Generally Accepted Accounting Principles were considered to be the strongest single set of accounting standards in the world OD. U.S. Generally Accepted Accounting Principles are used by many countries around the world.

Answer 1

Which Statement is false ? (1) U.S. Generally accepted Accounting Pinaples are used by many countries around the world # US GAAP's are only used in U.S.

B Ansures # Formula Timmy Company Stock holder's Equity = Torel Acrets (5) Total Liabilities • Year 2018 Stockholders Equity - $52 (+ $16 - $36 Millions • Year 2018 Stockholders - $74 - $ 17 Equity = $57 Millious (in Millions) situation & Situation 3 $36 $36 $10 Situation f Torel Stock holdet's Equity $ 36 January 31, 2018 Add & Issuance of Stock $7 Net Income Lens Dividends decleared og Net loss Toral Stock holders Equity $57 . $29 yo o C January 31, 2019 Scanned with CamScanner
Hey,

I have answered this question by using Stockholding equity formula, you can understand this formula by looking at Balance Sheet , where total Assets are subtracted from total Liabilities.

Any Doubts feel free to Ask .