Which of the Following Statements Is True Regarding the Recording

question 77

Multiple Choice

Which of the following statements is true regarding the recording process?

• A) Because IFRS (International Financial Reporting Standards) rely more on fair value and less on historical cost than U.S. GAAP, the double-entry accounting system is not widely used by companies who use IFRS.
• B) Both IFRS (International Financial Reporting Standards) and U.S. GAAP use the same general rules of debits and credits and the steps in the recording process.
• C) A trial balance using IFRS (International Financial Reporting Standards) is organized by first showing the accounts from the statement of financial position followed by accounts from the income statement; a trial balance using U.S. GAAP is organized using the opposite order.
• D) All of these answer choices are correct.

Examine the effects of the UCC on the rights of minors as purchasers and sellers.

Grasp the concepts of special property interest in goods and how it affects sales contracts.

Understand the application of the parol evidence rule to oral warranties and express disclaimers.

Comprehend the application of comparative negligence in strict liability cases.

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Definitions:

Victoria

A state in the southeastern part of Australia known for its capital, Melbourne, and as a hub for culture and sports.

Halifax

The capital of the Canadian province of Nova Scotia, known for its maritime history.

Third Gender

(1) A person who does not identify with the traditional genders of “man” or “woman,” but identifies with a third gender; (2) the gender category available in societies that recognize three or more genders.

Genderqueer

A blanket term used to describe people whose gender falls outside of the gender binary; a person who identifies as both a man and a woman, or as neither a man nor a woman; often used in exchange with transgender.