Which Statement Is False

question 20

Multiple Choice

Which statement is false?

• A) Under IFRS, if a machine's fair value exceeds the carrying value, the asset can be increased.
• B) Under U.S. GAAP, if a machine's fair value exceeds the carrying value, the asset can be increased.
• C) Under IFRS, if a machine's carrying value exceeds the fair value, the asset can be decreased.
• D) Under U.S. GAAP, if a machine's fair value exceeds the carrying value, the asset should not be adjusted.

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Definitions:

Polarization

The division of opinions or attitudes into sharply opposed sides, often leading to heightened tensions and conflict.

Disrespected

Feeling undervalued or not shown proper consideration or courtesy by others.

Prioritize

To arrange or deal with in order of importance.

Paraphrase

Verbal summary of the key ideas of your partner’s message that helps you check the accuracy of your understanding.