IFRS and GAAP Are Similar for Each of the Following

question 41

Multiple Choice

IFRS and GAAP are similar for each of the following except for the

• A) accounting for contingent liabilities.
• B) definition of a liability.
• C) accounting for payroll taxes payable.
• D) None of these answers are correct.

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Definitions:

The Joint Commission

An independent, not-for-profit organization that accredits and certifies healthcare organizations and programs in the United States to ensure quality and safety standards.

Lasix

A medication commonly used to treat fluid build-up due to heart failure, liver scarring, or kidney disease by causing the kidneys to excrete more urine.

Digoxin

A medication used to treat heart conditions such as atrial fibrillation and heart failure by increasing the efficiency of the heart and controlling its rate.

Respiratory Failure

A condition in which the respiratory system fails in one or both of its gas exchange functions: oxygenation and carbon dioxide elimination.