GAAP's Provision for Ownership of Goods (Goods-In-Transit or Consigned Goods) $\begin{array} { l c } \underline {\text { Ownership of goods} } & \underline { \text { Costs to include in inventory } } \\\end{array}$

question 35

Short Answer

GAAP's provision for ownership of goods (goods-in-transit or consigned goods) as well as which costs to include in inventory as compared to IFRS are: $\begin{array} { l c } \underline {\text { Ownership of goods} } & \underline { \text { Costs to include in inventory } } \\\end{array}$
A) $\begin{array} { l c } \text { essentially similar } & \text { essentially similar } \\\end{array}$
B) $\begin{array} { l c } \text { essentially different } & \text { essentially different } \\\end{array}$
C) $\begin{array} { l c } \text { essentially similar } && \text { essentially similar } \\\end{array}$
D) $\begin{array} { l c } \text { essentially different } &\text { essentially similar } \end{array}$

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Definitions:

Past-due Undisputed Debt

A debt that is acknowledged by the debtor but has not been paid by the agreed-upon due date.

Promisor

An entity or individual who makes a promise to perform a certain action or duty within a contract.

Promisee

The person to whom a promise or agreement is made, especially in a contract.

Age of Majority

The legal age at which an individual is considered an adult and capable of making legal decisions for themselves, such as entering into contracts and voting, varying by jurisdiction.