The Only Significant Difference Between the Provisions of International Accounting

question 41

Multiple Choice

The only significant difference between the provisions of international accounting standards as promulgated by IAS 39 and U.S. accounting standards under FASB Statement No. 115 is

• A) IAS 39 requires accounting for all investments in debt securities to be on a fair value basis while SFAS No. 115 does not.
• B) IAS 39 allows all unrealized gains and losses on securities valued at fair value to be reported in net income for the period while SFAS No. 115 does not.
• C) IAS 39 requires trading securities to be reported on a fair value basis but not securities available for sale.
• D) IAS 39 does not permit the reporting of unrealized gains and losses on securities other than trading securities to be recorded as part of equity.

Understand the key concepts and stages of Piaget's theory of cognitive development.

Grasp the basic principles of evolutionary theory and its application to human behavior and development.

Recognize the importance of research designs and methodologies in studying human development.

Identify the role of cognitive equilibrium in learning and adaptation.

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Definitions:

Time Instrument

A type of draft that allows the payee to collect payment only at a specific time in the future.

Expressed Due Date

The specific date mentioned in a contract or agreement by which a task must be completed or a payment must be made.

Overdue

Referring to a payment, task, or other obligation not completed or submitted by its expected or agreed-upon deadline.

Fraud

A deliberate deception intended to secure an unfair or unlawful gain.