Expenses Include Losses That Are Not Part of Normal Operations

question 145

Multiple Choice

Expenses include losses that are not part of normal operations under

• A) GAAP but not IFRS.
• B) IFRS but not GAAP.
• C) both IFRS and GAAP.
• D) neither IFRS nor GAAP.

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Definitions:

Desirability

The quality of being wanted or wished for due to attractiveness, usefulness, or value.

Negotiators

Parties that engage in the process of discussing terms in order to resolve conflicts or finalize deals.

Ethical Judgments

are assessments made about actions or decisions based on moral principles, determining what is right or wrong.

Consequences

The results or outcomes that follow from actions, decisions, or policies, either intended or unintended.