Since we live in a global economy,all countries have adopted the same accounting standards for business transactions.

Question

Quizplus · Accepted Answer

Although there are efforts towards global accounting harmonization, each country has its own set of accounting standards and practices that may differ from those of other countries. However, there are certain frameworks, such as International Financial Reporting Standards (IFRS), that are used in many countries and are considered global accounting standards to some extent.

Since We Live in a Global Economy,all Countries Have Adopted