Neither US

question 215

True/False

Neither U.S. GAAP nor IFRS require the use of accrual basis accounting.

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Definitions:

Plato

An ancient Greek philosopher who laid the foundational elements of Western philosophy and science.

Intelligence

Represents the capacity for learning, reasoning, understanding, and similar forms of mental activity; aptitude in grasping truths, relationships, facts, meanings, etc.

Culture

The collective beliefs, customs, arts, and technologies of a social group or society that are transmitted across generations.

Customs

Traditional practices or behaviors shared by a particular social, ethnic, or age group, often passed down from generation to generation.