8. Consider International Financial Reporting Standards (IFRS). What is the main purpose of IFRS? to replace generally accepted accounting principles (GAAP) in the United a. States b. to provide a global framework for financial accounting and reporting activities c. to require a more rules-based approach, rather than a principles-based approach d. to determine the appropriateness of government regulation of publicly-traded companies 9. Which one of the following ratios uses information from the income statement? C Current ratio a. b. Debt ratio Price-earnings ratio C. d. Cash ratio 10. The type of company most likely to report a significant amount of "Deferred Revenue" is a retail store such as Target b a. computer software company such as Microsoft a restaurant such as Baker's Square d. a C. barber shop such as Sportsmen's Barber 11. Consider different types of business organizations. A corporation: has one owner and has no other employees b. has limited liability and transferability of ownership is not regulated and not registered with any state d. is not allowed to have employees and has perpetual existence a. C