Differences Between GAAP and IFRS Do Not Include Which of the Following

question 12

Multiple Choice

Differences between GAAP and IFRS do not include which of the following?

• A)The order in which assets are presented on the balance sheet.
• B)The system of analyzing,recording,and summarizing transactions.
• C)The names given to the income statement,balance sheet,and statement of stockholders' equity.
• D)The standard-setting body with authority to establish accounting principles.

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Definitions:

Student Loan Interest

The interest paid on a loan taken out to fund educational expenses, potentially deductible under certain conditions from your taxable income.

Modified AGI

An adjusted gross income figure used for specific tax calculations, modified by adding back certain deductions and exclusions.

Self-employment Tax

The tax self-employed individuals must pay to cover their Social Security and Medicare obligations.

Gross Earnings

The total amount of money an individual earns before any deductions or taxes are applied.