unterpart to 6. According to Gray's framework for accounting system development, the counter (ie opposite of the value of "secrecy is: 7. A) professionalism. B) transparency C) optimism D) flexibility. The term "Class B Accountine" as it is used by the researcher Christopher Nobes refers to: A) less preferred accounting systems B) less efficient accounting systems. C accounting systems that primarily serve external shareholders. D) accounting systems that were developed primarily for creditors and taxing authorities. The acquisition of existing foreign companies and the creation of new foreign subsidiaries are the two most common forms of: A) Import Business B) International Trade C) Foreign Direct Investment D) Export Business On November 1, 2018, ACE Inc, a US company sold goods to UWE GMBH a German company and payment to be made in Euro for the 1 millions Euros on December 31, 2018. At the time of the transaction, 1 Euro was equal to 1 US Dollar. If on December 31. 2018 the exchange rate is now 2 Euros to 1 US Dollar, what gain or loss should the US company recognized on December 31, 2018 in connection with this transaction: A) No Foreign Exchange Gain or Loss B) $500,000 Foreign Exchange Gain C) $500,000 Foreign Exchange Loss D) None of the above which of the following is generally true about the differences between U.S. GAAP and IASB standards? A) U.S. GAAP is generally more flexible than IASB standards. B) U.S. GAAP tends to be more rule-based and the IASB standards tend to be principles-based. C) More professional judgment is required to apply U.S. GAAP than is required for implementing IASB standards. D) In all cases, U.S. GAAP is more detailed than the IASB standards