IFRS

question 12

Multiple Choice

IFRS

• A)requires a specific format for the balance sheet (statement of financial position) that is identical to U.S.GAAP.
• B)requires a specific format for the balance sheet (statement of financial position) that is different from U.S.GAAP.
• C)requires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement identical to U.S.GAAP.
• D)requires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement in a different format from U.S.GAAP.

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Definitions:

Alarm Stage

The first stage of the general adaptation syndrome, in which the person experiences a burst of energy that aids in dealing with the stressful situation.

Resistance Stage

The second phase of the general adaptation syndrome, where the body adapts to and resists stressors with increased performance of various defensive mechanisms.

Selye's GAS

A theory proposed by Hans Selye that describes the body's physiological response to stress in three stages: alarm reaction, resistance, and exhaustion.

Prisoner of War

A person who is captured and held by an enemy during conflict or war, typically under international law guidelines.