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Financial Reporting MCQs

What is the one problem while comparing financial statements with companies based in different countries?

Countries use different accounting standards, comparisons can only be made directly with countries using GAAP

The exchange rate needs to be applied

Other countries do not audit their financial statements as thoroughly

Product lines are completely different making a comparison unusable

Answer

Correct Answer: Countries use different accounting standards, comparisons can only be made directly with countries using GAAP

Explanation:

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