Under International Financial Reporting Standards (IFRS)

question 64

Multiple Choice

Under International Financial Reporting Standards (IFRS)

• A) The cash-basis method of accounting is accepted.
• B) Events are recorded in the period in which the event occurs.
• C) Net income will be lower under the cash-basis than accural-basis accounting.
• D) All of the choices are correct.

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Definitions:

Random Assignment

Assigning participants to experimental and control groups by chance, thus minimizing preexisting differences between those assigned to the different groups.

Illusory Correlation

A cognitive bias in which a relationship between two variables is perceived to exist when in fact there is none or it is much weaker than assumed.

Dreams

Mental experiences during sleep, often containing imagery, thoughts, and emotions, which can range from mundane to deeply symbolic.

Future Events

Occurrences or situations that have not yet happened but are anticipated or expected to occur.