Indulgence Chocolates Has Provided the Following Information: the Cash

question 46

Multiple Choice

Indulgence Chocolates has provided the following information: The cash payments made to suppliers during the year total:

• A) $196,000
• B) $184,000
• C) $200,000
• D) $164,000

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Definitions:

IFRS

A collection of accounting norms established by the International Accounting Standards Board (IASB) known as International Financial Reporting Standards, which direct the global preparation of financial statements.

U.S. GAAP

Generally Accepted Accounting Principles in the United States, a standard framework of accounting rules for financial reporting.

IFRS

International Financial Reporting Standards; a set of accounting standards developed by the International Accounting Standards Board (IASB) for international use.

U.S. GAAP

The codification of how financial transactions and events are to be reported in the financial statements, developed and maintained by the Financial Accounting Standards Board (FASB) for the United States.