Which Statement Is Not Correct About Offsetting

question 23

Multiple Choice

Which statement is not correct about offsetting?

• A)Offsetting is required under IFRS when the entity is willing and legally able to offset.
• B)Offsetting is required when it better reflects the economic substance of the transaction.
• C)Offsetting is generally permitted under IFRS,unless it violates an accounting principle.
• D)Offsetting is generally permitted of the allowance for doubtful accounts.

Understand and classify different types of costs and expenses in manufacturing.

Distinguish between direct and indirect manufacturing costs.

Understand the concept and application of depreciation methods.

Identify and classify various intangible assets and their amortization.

---

Definitions:

Human Skills

Interpersonal and communication skills that enable individuals to work effectively with others and navigate social interactions.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a specific period, indicating the efficiency of inventory management.

Technical Skills

The abilities and knowledge needed to perform specific tasks, often relating to computational and physical skills.

Statistics

The branch of mathematics dealing with the collection, analysis, interpretation, and presentation of masses of numerical data.