IFRS, Compared to GAAP, Tends to Be More

question 32

Multiple Choice

IFRS, compared to GAAP, tends to be more

• A)detailed.
• B)rules-based.
• C)principles-based.
• D)full of disclosures requirements.

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Definitions:

External Sales Price

The price at which goods or services are sold to customers outside of the producing company.

Variable Manufacturing Cost

Costs associated with manufacturing that vary directly with the level of production, such as materials and labor.

Shipping Costs

Expenses associated with the transportation of goods from one location to another.

Transfer Price

The price at which divisions of a company transact with each other, such as the trade of supplies or labor between departments.