All Revenue and Expense Items Are Considered Ordinary in Nature

question 179

Multiple Choice

All revenue and expense items are considered ordinary in nature under

• A) both IFRS and GAAP.
• B) GAAP.
• C) IFRS.
• D) neither IFRS or GAAP.

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Definitions:

Economic Espionage Act

A U.S. law that makes it a federal crime to steal or obtain trade secrets knowingly to benefit any foreign power.

Arson

The criminal act of deliberately setting fire to property.

Defraud

The act of purposely deceiving another individual or entity to achieve personal gain or to cause a loss to the other party.

The Internet

A global network of computers that provides a wide range of information and communication facilities.