Which of the Following Statements Is Correct

question 70

Multiple Choice

Which of the following statements is correct?

• A) IFRS requires the effective-interest method to be used to amortize bond premiums and discounts; ASPE permits either the effective-interest method or the straight-line method.
• B) ASPE requires the effective-interest method to be used to amortize bond premiums and discounts; IFRS permits either the effective-interest method or the straight-line method.
• C) Both IFRS and ASPE require the effective-interest method to be used to amortize bond premiums and discounts.
• D) Both IFRS and ASPE permit either the effective-interest method or the straight-line method to be used to amortize bond premiums and discounts.

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Definitions:

Smooth Muscle

Involuntary, non-striated muscle that is found in the walls of internal organs such as the stomach, intestines, and blood vessels.

Elastic Tissue

Connective tissue made of elastin fibers that allow tissues in the body to resume their shape after stretching or contracting.

Loose Connective Tissue

Loose connective tissue is a type of connective tissue characterized by loosely interwoven fibers that provide support and elasticity in various body parts.

Simple Squamous Epithelium

A type of epithelial tissue consisting of a single layer of flat, scale-like cells, involved in functions like diffusion and filtration in various organs.