Question

Which of the following is an advantage of having a single set of accounting standards used worldwide?a. Reduced accounting costs for multinational corporationsb. Increased power of the FASBc. Reduced number of multinational corporations on the NYSEd. Increased diversity of accounting methods used by multinational corporations

Answer 1

Answer: Reduced accounting costs for multinational corporations.

Explanation:

An accounting standards are common standards, procedures and set of principles, that define financial accounting policies basis. Accounting standards also help in improving transparency of financial reporting.

An advantage of having a single set of accounting standards used worldwide is reduced accounting costs for multinational corporations.