Which Statement Is Correct About Offsetting

question 13

Multiple Choice

Which statement is correct about offsetting?

• A)Offsetting generally provides decision-useful information for financial statement users.
• B)Offsetting aids in financial statement user's ability to correctly interpret financial results.
• C)Offsetting is generally prohibited under IFRS,unless it is specifically required.
• D)Offsetting is required under IFRS when there is a legally enforceable right of offset.

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Definitions:

USA Patriot Act

A 2001 mammoth bill that conferred unprecedented powers on law-enforcement agencies charged with preventing domestic terrorism, including the power to wiretap, read private messages, and spy on citizens.

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A person running for President of the United States nominated by the Republican Party, one of the two major political parties in the country.

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Espionage Act

1917 law that prohibited spying and interfering with the draft as well as making “false statements” that hurt the war effort.