3 Which of the following is an advantage of having a single set of accounting standards used worldwide? A. Reduced accounting costs for multinational corporations Increased power of the FASB Reduced number of multinational corporations on the NYSE Increased diversity of accounting methods used by multinational corporations 4 The accounting standards in code law countries tend to be: very detailed formulated by organizations such as the FASB. stated generally without much guidance on accounting procedures. very conservative 5 What is the likely result when accounting rules are left up to professional associations rather than being legislated by governmental bodies? Very general accounting rules are created, as in code law countries. Very detailed rules for practice are created, as in common law countries. Very general accounting rules are created, as in common law countries. Very detailed rules for practice are created, as in code law countries