Significant Differences Between GAAP and IFRS Exist in All of the Following

question 9

Multiple Choice

Significant differences between GAAP and IFRS exist in all of the following areas except:

• A)classification of preferred stock.
• B)allowability of LIFO for inventory costing.
• C)depreciation of equipment.
• D)the order in which current and noncurrent accounts are presented on the balance sheet.

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Definitions:

Civil Code

A codification of laws intended to systematically cover areas of private law such as contracts, property, family, and obligations.

Equity

Refers to a body of law providing remedies that go beyond those offered by traditional common law, often aimed at fairness.

Legal System

The framework of rules, laws, and regulations, including the structures and processes set up to enforce them, governing a society.

B.C. Supreme Court

The highest trial court in British Columbia, Canada, that deals with significant civil and criminal cases.