All of the Following Statements Related to Current Liabilities for U.S.GAAP

question 149

Multiple Choice

All of the following statements related to current liabilities for U.S.GAAP and IFRS are true except:

• A)The definitions and characteristics of current liabilities are broadly similar for both U.S.GAAP and IFRS.
• B)The term provision is typically used under IFRS to refer to what is titled liability under U.S.GAAP.
• C)Because tax regulatory systems of countries are different,the approach to recording taxes is totally different.
• D)When there is little uncertainty surrounding current liabilities,both require companies to record them in a similar manner.
• E)When there is a known current obligation that involves an uncertain amount,but one that can be reasonable estimated,both require similar treatment.

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Definitions:

Task Variety

The degree to which a job involves different activities and requires a range of skills.

Different Skills

Varied abilities and competencies that individuals possess which are used to perform tasks effectively in personal or professional settings.

Skill Variety

The range of skills and tasks required to carry out a job, promoting job satisfaction and motivation.

Wide Range

Referring to a broad spectrum or variety of something, from one end to another.