Which Receivables Accounting and Reporting Issue Is Essentially the Same

question 48

Multiple Choice

Which receivables accounting and reporting issue is essentially the same for IFRS and GAAP?

• A)The use of allowance accounts and the allowance method.
• B)How to record discounts.
• C)How to record factoring.
• D)All of these are essentially the same for IFRS and GAAP.

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Definitions:

Fiber Optic

A technology that uses thin strands of glass or plastic fibers to transmit data as pulses of light, offering high speed and capacity with low signal loss.

Power Wiring

The arrangement and installation of cables and wires responsible for distributing electrical power to various devices and components.

NEMA Enclosure

A type of protective enclosure rated by the National Electrical Manufacturers Association used for housing electronic equipment, providing specific protection levels against environmental conditions.

PLC Systems

Programmable Logic Controllers are digital computers used for automation of industrial processes, such as control of machinery or factory assembly lines.