IFRS

question 12

Multiple Choice

IFRS

• A)requires a specific format for the balance sheet (statement of financial position) that is identical to U.S.GAAP.
• B)requires a specific format for the balance sheet (statement of financial position) that is different from U.S.GAAP.
• C)requires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement identical to U.S.GAAP.
• D)requires no specific format for the balance sheet (statement of financial position) but most companies that follow IFRS prepare the statement in a different format from U.S.GAAP.

---

Definitions:

Adjusted Cash Balance

The cash amount shown in a company's bank statement, adjusted for deposits in transit, outstanding checks, and bank errors.

Check Register

A personal record book or a digital log used to track checks written, deposits made, and current balance of a checking account.

Bank Statement

A document or electronic file provided by a bank summarizing transactions in an account over a certain period.

Outstanding Deposit

Refers to funds that have been deposited in a bank account but have not yet been credited or made available for use.