What Is the Difference Between GAAP and IFRS Presentations of the Current

question 10

Multiple Choice

What is the difference between GAAP and IFRS presentations of the current assets section on the balance sheet?

• A)Under IFRS it is mandatory to present current assets first while under GAAP it is customary (but not required) to present noncurrent assets first.
• B)Both IFRS and GAAP require that current assets are listed first.
• C)Under GAAP it is mandatory to present current assets first,while under IFRS it is customary (but not required) to present noncurrent assets first.
• D)It is customary (but not required) under both IFRS and GAAP to present noncurrent assets first.
• E)GAAP requires that current assets be presented first,while IFRS requires that current assets be presented last.

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Definitions:

Taste Aversions

A learned response to eating spoiled or toxic food, where the mere sight or smell of the food can cause nausea or aversion.

Aversive Food

Food items that are typically avoided due to unpleasant taste, smell, or associations, potentially leading to negative physiological responses.

Nauseous Reaction

A nauseous reaction is a physiological response to various stimuli, resulting in the urge to vomit.

Unconditioned Response

An automatic, natural reaction to a stimulus that occurs without prior learning or conditioning.