Which of These Statements Regarding the IFRS and U

question 13

Multiple Choice

Which of these statements regarding the IFRS and U.S. GAAP is correct?

• A) U.S. GAAP is considered to be "principles-based" and more detailed than IFRS.
• B) U.S. GAAP is considered to be "rules-based" and less detailed than IFRS.
• C) IFRS is considered to be "principles-based" and less detailed than U.S. GAAP
• D) Both U.S. GAAP and IFRS are considered to be "rules-based", but U.S. GAAP tends to be more complex.

Recognize improper accounting practices violations of accounting principles, assumptions, or conventions.

Understand the objective of general purpose financial reporting according to the IASB and FASB.

Identify and describe accounting assumptions, conventions, and principles.

Understand key financial metrics and their implications for company performance.

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Definitions:

Update Button

A control element in software interfaces that initiates the process of downloading and installing the latest software updates.

Make-Table Query

A type of database query that creates a new table and populates it with data based on the result of the query.

Action Query

A type of database query that performs an action on data, such as inserting, updating, or deleting records, rather than just selecting data.

Top Values Query

A query in database systems that retrieves a specific number or percentage of records from the top of a result set, based on a specified criterion.