The Number of Years of Income Statement Information to Be

question 62

Multiple Choice

The number of years of income statement information to be presented is

• A)2 years under both GAAP and IFRS.
• B)3 years under both GAAP and IFRS.
• C)2 years under GAAP and 3 years under IFRS.
• D)3 years under GAAP and 2 years under IFRS.

---

Definitions:

Increase

A situation where there is a growth or rise in figures, amounts, or indicators in an economic context.

Demand Curve

A graphical representation that shows the relationship between the price of a good and the quantity demanded by consumers.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.

Decrease

A reduction in size, quantity, or degree of something.