The Accounting for Each of the Following Is the Same

question 118

Multiple Choice

The accounting for each of the following is the same under IFRS and GAAP except for

• A)extraordinary items.
• B)discontinued operations.
• C)changes in accounting principles.
• D)changes in accounting estimates.

---

Definitions:

Rents

Payments made to the owner of a property (such as land, buildings, or apartments) for the use of that property.

Sub-prime Lending

The practice of making loans to borrowers who are considered to be at higher risk of default, typically due to having a poor credit history.

Payday Lenders

Financial institutions that provide high-interest, short-term loans to individuals typically due on the borrower's next payday.

Military Financial Network

Refers to the interconnected systems, services, and resources that manage and support the financial aspects of a nation's military operations, including pay, budgeting, and procurement.