IFRS Requires the Use of

question 139

Multiple Choice

IFRS requires the use of

• A)the term balance sheet.
• B)the term statement of financial position.
• C)neither balance sheet nor statement of financial position, but recommends use of the term balance sheet.
• D)neither balance sheet nor statement of financial position, but recommends use of the term statement of financial position.

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Definitions:

Society of Automotive Engineers

An international organization that sets standards for engineering professionals in the automotive, aerospace, and commercial-vehicle industries.

Oil Viscosity Ratings

A measure of an oil's resistance to flow, indicating its thickness and suitability for different engine types.

Hybrid Acid Organic Technology

A type of coolant technology that combines organic acid technology (OAT) with some inorganic acids, offering enhanced protection and longevity for engine cooling systems.

HOAT Coolant

Hybrid Organic Acid Technology coolant, designed to provide longer lifespan and better corrosion protection for engine parts.