Under U.S. GAAP

question 140

Multiple Choice

Under U.S. GAAP

• A) currency signs are generally used in the journal, ledger, trial balance, and financial statements.
• B) Share Capital-Ordinary is referred to as Retained Earnings.
• C) the statement of financial position is often called the statement of changes in financial position.
• D) the rules of debits and credits, and the steps in the recording process are the same as under IFRS.

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Definitions:

Equivalent

Possessing identical worth, purpose, or significance.

Predicates

Components of sentences that express what is being said about the subject, typically containing a verb and providing information about the subject's action or state.

Propositions

Statements or assertions that express a judgment or opinion which can be either true or false.

Proposition

An expression or declaration that conveys an assessment or viewpoint, capable of being either correct or incorrect.