Under IFRS, Companies Do Not Use a

question 166

Multiple Choice

Under IFRS, companies do not use a

• A)discount account but do use a premium account.
• B)premium account but do use a discount account.
• C)bonds payable account.
• D)discount or premium account.

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Definitions:

Establishment Clause

A provision in the First Amendment of the U.S. Constitution that prohibits the government from establishing an official religion.

Full Faith and Credit Clause

A clause in the U.S. Constitution requiring each state to recognize and honor the public acts, records, and judicial proceedings of every other state.

Commerce Clause

A provision in the United States Constitution giving Congress the power to regulate commerce with foreign nations, and among the several states.

Preemption Doctrine

The principle that federal law can supersede or override state law in areas expressly reserved for federal regulation or where there is a conflict.