What is meant by Germany’s “authoritative principle?”
A. The GASB is the final authority for accounting standards.
B. The International Accounting Standards Board is the authority for making German GAAP.
C. Financial accounting is the basis for determining tax.
D. Accounting standards are derived from tax law.
Answer:C
What is meant by Germany’s “authoritative principle?”
A. The GASB is the final authority for accounting standards. B. The International Accounting Standards Board is the authority for making German GAAP. C. Financial accounting is the basis for determining tax. D. Accounting standards are derived from tax law.