Which of the Following Is a True Statement Regarding the Treatment

question 77

Multiple Choice

Which of the following is a true statement regarding the treatment of accounts payable,sales tax payable,and unearned revenues?

• A)Both GAAP and IFRS treat these accounts as estimated liabilities.
• B)GAAP treats them as estimated liabilities,while IFRS treats these accounts as contingent liabilities.
• C)IFRS treats them as estimated liabilities,while GAAP treats theses accounts as contingent liabilities.
• D)Both GAAP and IFRS treat these accounts as known liabilities.
• E)IFRS treats them as known liabilities,while GAAP treats these accounts as contingent liabilities.

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Definitions:

Primary Response

The initial response of the immune system to a new antigen, typically involving the activation and proliferation of specific lymphocytes.

Secondary Response

The immune system's enhanced reaction upon a second or subsequent encounter with an antigen, typically faster and more vigorous than the primary response.

Initial Antigen

The foreign substance or pathogen that triggers an immune response in the body, leading to the production of antibodies.

Dashed Line

A line consisting of dashes, often used in diagrams and drawings to represent boundaries, paths, or other entities that are not continuously solid.