In Addition to Disclosing Judgments Involving Estimates and Assumptions, ________

question 123

Multiple Choice

In addition to disclosing judgments involving estimates and assumptions, ________ requires that companies disclose judgments made when determining appropriate accounting treatments for amounts reported on the financial statements.

• A) U.S. GAAP
• B) IFRS
• C) Both A & B
• D) Neither A nor B

---

Definitions:

January Call

An options contract that gives the holder the right to buy the underlying asset at a specified price within January.

Market Value

The current price at which an asset or service can be bought or sold in the open market.

Equity

The value of an ownership interest in a company, calculated as the company's assets minus its liabilities.

Debt

An amount of money borrowed by one party from another, usually with the condition of repayment with interest.