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.

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Definitions:

Refuge

A place of safety or sanctuary, offering protection from danger or distress.

Northern Plains

A vast geographic region in the United States, lying east of the Rocky Mountains and consisting of open land, used primarily for farming and ranching; includes parts of several states such as Montana, North Dakota, and South Dakota.

Firearms

Devices designed to launch one or more projectiles driven by rapidly expanding high-pressure gas produced chemically by exothermic combustion of propellant within an ammunition cartridge.

Epidemics

Widespread occurrences of infectious diseases in a community at a particular time.