Which of the Following Statements Regarding Reporting Under GAAP and IFRS

question 106

Multiple Choice

Which of the following statements regarding reporting under GAAP and IFRS is not true:

• A)Both GAAP and IFRS define the initial asset value as historical cost for nearly all assets.
• B)The definition of an asset under GAAP and IFRS involves three basic criteria.
• C)Both GAAP and IFRS define the initial asset value as replacement value.
• D)The definition of a liability under GAAP and IFRS involves three basic criteria.
• E)After acquisition,one of two asset measurement systems is applied.

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Definitions:

Hispanic-Americans

Americans with ancestry from Spanish-speaking countries, especially those in Latin America.

African-Americans

A racial or ethnic group in the United States with ancestry from the black racial groups of Africa.

Native Americans

Indigenous peoples of the United States, including various tribes, who were the original inhabitants of the land prior to European colonization.

Genome

The complete set of genes or genetic material present in a cell or organism.