All of the Following Statements Related to U

question 108

Multiple Choice

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

• A)Accounting for basic inventory transactions is the same under the two systems.
• B)The closing process for merchandisers is the same under both systems.
• C)U.S.GAAP offers little guidance about the presentation order of expenses.
• D)Neither system requires separate disclosure of items when their size,nature,or frequency are important.
• E)Neither system defines operating income.

---

Definitions:

Alternative Therapies

Non-conventional methods used for treatment or health improvement, which are not based on traditional medical practices.

Psychiatrists

Medical doctors specializing in the diagnosis, treatment, and prevention of mental illnesses and disorders, often using both medication and therapy.

Marriage And Family Therapists

Mental health professionals specialized in providing counseling and therapy to individuals, couples, and families to address and resolve emotional and relational issues.

Psychiatric Social Workers

Professionals who provide support, therapy, and resources for individuals dealing with mental health issues within a social context.