International Financial Reporting Standards (IFRS) is the main U.S. accounting rule book and is currently created and governed by the Financial Accounting Standards Board

Being able to keep costs low while changing the volume of production is an example of

a) Simplicity b) Flexibility c) Visibility d) Continuous improvement e) Total quality management

Change in accounting principle:

a. required disclosure for publicly traded corporations b. component of the entity has been sold or will be sold c. costs generally associated with downsizing d. reports a series of intermediate subtotals e. accounted for prospectively f. tangentially related to normal operations g. accounted for retrospectively by revising prior years' statements h. other comprehensive income i. total non-owner change in equity j. ability of reported income to predict future earnings