The early (1973-1988) harmonization efforts of the International Accounting Standards Committee (IASC) created standards that have been described as a "lowest-common-denominator" approach. What was the effect of these first international accounting standards?

The correct answer is : The IASC standards accommodated existing accounting practices in various countries.  

Explanation:

It refers to an independent private-sector organization that tries to achieve uniformity in accounting principles.  These ones can be used by companies and businesses for financial reporting.   It is an advisory group  representing international organisations with an interest in accounting

every society, in order to meet the needs of it's people, has to answer three basic questions:

- what should we produce?

- how should we produce it?

- for whom should we produce it?

this questions must be answered in order to, option b, aid in production decisions.

every country can't produce everything, no matter how rich their land is. it may be a matter of technology, resources or geographical conditions. so, these three questions must be resolved in order to get the most of the production of each land.

hope this !

answer; eliminate parking problems in cities, because a car took up only half as much space as a horse and buggy;