Answer the following "T" for True or "F" for False.

Activity Step Feedback 1 A main goal of the International Accounting Standards Board is to develop, in the public interest, a single set of high quality, understandable, and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. T Correct 2 Because differences in culture and business environments leads to differences in the GAAP of countries, in 1970 an international GAAP was developed and is used by all countries today. F Correct 3 Financial ratios are helpful in equalizing companies of different sizes for comparison of financial performance. T Correct 4 Transfer pricing is used by most multinational corporations. T Correct 5 A statement that lists...