Which Statement Is Correct

question 41

Multiple Choice

Which statement is correct?

• A)IFRS allows the taxes payable method because it is consistent with accrual accounting generally and with the IFRS Conceptual Framework.
• B)The taxes payable method is similar to accrual basis accounting and reflects the effect of transactions when they occur.
• C)ASPE permits the taxes payable approach because of the different costs and benefits faced by private enterprises.
• D)Recording the effect of deferred taxes is inconsistent with the definition and recognition criteria for assets and liabilities.

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Definitions:

Continuing Improvement

An ongoing effort to enhance products, services, or processes through incremental and breakthrough improvements.

Small-Batch Production

Manufactures a variety of products crafted to fit customer specifications.

Better Ways

Innovative or more effective methods and practices that improve processes or outcomes.

Operations Management

Is the process of managing productive systems that transform resources into finished products or services.