The Requirement That Companies Use the Same Cost Flow Assumption $\begin{array} { l l l } & \underline{ \text {GAAP }} & \underline{ \text { IFRS }} \\\end{array}$

question 153

Short Answer

The requirement that companies use the same cost flow assumption of all goods of a similar nature is found in $\begin{array} { l l l } & \underline{ \text {GAAP }} & \underline{ \text { IFRS }} \\\end{array}$
A) $\begin{array} { l l l } &\text { Yes } & &\text { No } \\\end{array}$
B) $\begin{array} { l l l } &\text { Yes } && \text { Yes } \\\end{array}$
C) $\begin{array} { l l l }& \text { No } && \text {No } \\\end{array}$
D) $\begin{array} { l l l } &\text { No } && \text {Yes }\end{array}$

• A)\(\begin{array} { l l l } &\text { Yes } & &\text { No } \\\end{array}\)
• B)\(\begin{array} { l l l } &\text { Yes } && \text { Yes } \\\end{array}\)
• C)\(\begin{array} { l l l }& \text { No } && \text {No } \\\end{array}\)
• D)\(\begin{array} { l l l } &\text { No } && \text {Yes }
• \end{array}\)

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Definitions:

Catalyst

A substance that increases the rate of a chemical reaction without being consumed in the process.

Decomposition

The process by which organic substances are broken down into simpler matter or the chemical breakdown of substances.

Homogeneous Catalyst

A catalyst that is in the same phase (solid, liquid, or gas) as the reactants, facilitating the reaction uniformly.

Physical State

The physical state refers to the distinct forms that different phases of matter take on, primarily solid, liquid, and gas.