Which Set of Accounting Principles Directly Uses the Term "Reserve

question 43

Multiple Choice

Which set of accounting principles directly uses the term "reserve"?

• A)Both IFRS and GAAP
• B)GAAP but not IFRS
• C)IFRS but not GAAP
• D)neither IFRS nor GAAP

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Definitions:

Fiduciary Duty

A legal obligation of one party to act solely in the best interest of another party, such as a trustee for a beneficiary.

Partnership's Profits

Partnership's profits refer to the share of income generated by a business partnership that is distributed among its partners according to the terms of their agreement.

Personal Income Tax

A tax levied on the income of individuals, which varies according to the income level and financial situation of the taxpayer.

Withdrawing

The act of removing or pulling back from a commitment, activity, bank account, or legal proceeding.