GAAP, Compared to IFRS, Tends to Be More

question 28

Multiple Choice

GAAP, compared to IFRS, tends to be more

• A)simple in accounting requirements.
• B)rules-based.
• C)principles-based.
• D)simple in disclosures requirements.

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Definitions:

Percentage

A portion or share expressed as a fraction of 100.

Net Amount

The final amount remaining after all deductions, like taxes and fees, have been subtracted from the gross amount.

Collect Like Terms

A mathematical process to simplify algebraic expressions by combining constants and variables that are the same.

Operation Indicated

A term referring to the specific process or calculation suggested by the context, often mathematical or procedural.