Which Permits Partial Derecognition of Receivables $\begin{array} { c c } & \text { GAAP } & \text { IFRS } \\\end{array}$

question 222

Short Answer

Which permits partial derecognition of receivables? $\begin{array} { c c } & \text { GAAP } & \text { IFRS } \\\end{array}$
A) $\begin{array} { c c } & \text { yes } & &\text { no } \\\end{array}$
B) $\begin{array} { c c } & \text { yes } && \text { yes } \\\end{array}$
C) $\begin{array} { c c } & \text { no } && \text { no } \\\end{array}$
D) $\begin{array} { c c } & \text { no } && \text { yes }\end{array}$

• A) \(\begin{array} { c c } & \text { yes } & &\text { no } \\\end{array}\)
• B)\(\begin{array} { c c } & \text { yes } && \text { yes } \\\end{array}\)
• C) \(\begin{array} { c c } & \text { no } && \text { no } \\\end{array}\)
• D) \(\begin{array} { c c } & \text { no } && \text { yes }
• \end{array}\)

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Definitions:

Journal Entries

Accounting records that document all financial transactions in the order they occur, ensuring accurate tracking of business operations.

Posting

The process of recording financial transactions in the ledger of an accounting system.

Trial Balance

An accounting worksheet that sums up the balances from all ledgers into equal debit and credit column figures.

Related Accounts

Accounts in financial statements that are linked or associated with each other, often used to assess the financial health of a business.