Which of the Following Statements Related to U

question 42

Multiple Choice

Which of the following statements related to U.S.GAAP and IFRS is incorrect?

• A)Both U.S.GAAP and IFRS include guidance for adjusting entries.
• B)Both U.S.GAAP and IFRS prepare the same four financial statements.
• C)U.S.GAAP does not require items to be separated by current and noncurrent classifications on the balance sheet.
• D)U.S.GAAP balance sheets report current items first.
• E)IFRS balance sheets normally present noncurrent items first.

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Definitions:

Growth Mindset

The belief that abilities and intelligence can be developed through dedication, hard work, and perseverance.

Mastery Orientation

A focus on learning and understanding, taking on challenges for the sake of growth and personal achievement.

Learned Helplessness Orientation

A condition in which a person believes they have no control over their situation and thus stops trying to change or escape it, often learned through repeated failures.

Attributes

Characteristics or qualities that describe or identify a person, object, or phenomenon.