Which Receivables Accounting and Reporting Issue Is Essentially the Same

question 165

Multiple Choice

Which receivables accounting and reporting issue is essentially the same for IFRS and GAAP?

• A) The use of allowance accounts and the allowance method.
• B) How to record discounts.
• C) How to record factoring.
• D) All of these are essentially the same for IFRS and GAAP.

---

Definitions:

Federal Reserve Districts

Geographic regions in the United States, each with a specifically designated Federal Reserve Bank, responsible for implementing the nation's monetary policy.

Fed Chairman

The leading figure of the Federal Reserve, the central banking system of the United States, responsible for monetary policy direction.

Federal Funds Market

A market where banks lend and borrow reserves from each other overnight in order to meet reserve requirements set by the central bank.

Depository Institution

A financial institution legally allowed to accept monetary deposits from consumers, such as banks and credit unions.