All of the Following Statements Related to Current Liabilities for U.S.GAAP

question 120

Multiple Choice

All of the following statements related to current liabilities for U.S.GAAP and IFRS are true except:

• A)The definitions and characteristics of current liabilities are broadly similar for both U.S.GAAP and IFRS.
• B)The term provision is typically used under IRFS to refer to what is titled liability under U.S.GAAP.
• C)Because tax regulatory systems of countries are different,the approach to recording taxes is totally different.
• D)When there is little uncertainty surrounding current liabilities,both require companies to record them in a similar manner.
• E)When there is a known current obligation that involves an uncertain amount,but one that can be reasonable estimated,both require similar treatment.

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Definitions:

Structure

The organization and connections between different parts or elements within a complex structure.

Hydrogen Bonding

A weak type of chemical bond that is common in water and organic compounds, arising from the attractive force between a hydrogen atom covalently bonded to a very electronegative atom (such as oxygen or nitrogen) and another electronegative atom.

Dimethyl Ether

Dimethyl ether is a colorless gas used as an aerosol propellant and a refrigerant, with the chemical formula CH3OCH3.

H-F

Hydrogen fluoride, a chemical compound consisting of hydrogen and fluorine, known for its use in industrial processes and its high toxicity.