Which of the Following Is False

question 319

Multiple Choice

Which of the following is false?

• A) Under IFRS, a company records a revaluation surplus when it experiences an increase in the price of its ordinary shares.
• B) Under GAAP, the income statement is presented in a one-or two-statement format.
• C) Under IFRS, companies cannot record gains on transactions involving their own shares.
• D) Under GAAP, companies cannot record gains on transactions involving their own shares.

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Definitions:

Standard Costs

Predetermined costs for products or services, used for budgeting and measuring performance.

Governmental Agencies

Governmental agencies are official organizations, often established by the government, responsible for administering specific functions and regulations at various levels, such as federal, state, or local.

Ideal Standard

Benchmarks for optimal performance under perfect operating conditions, used in cost accounting to set budget targets.

Rigorous

Characterized by a strict attention to detail; thorough and exacting.