Which of These Statements Regarding the IFRS and U

question 13

Multiple Choice

Which of these statements regarding the IFRS and U.S. GAAP is correct?

• A) U.S. GAAP is considered to be "principles-based" and more detailed than IFRS.
• B) U.S. GAAP is considered to be "rules-based" and less detailed than IFRS.
• C) IFRS is considered to be "principles-based" and less detailed than U.S. GAAP
• D) Both U.S. GAAP and IFRS are considered to be "rules-based", but U.S. GAAP tends to be more complex.

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Definitions:

Sales

The exchange of goods or services for money, considering the total number of transactions completed.

Percent

Percent is a term used to describe a number or ratio expressed as a fraction of 100, often used to indicate proportions, ratios, and shares in everything from statistics to financial rates.

Sales Increase

A rise in the quantity or volume of sales of goods and services over a specific period.

Percent

A ratio or fraction expressed as parts per hundred, used to denote a portion of a whole in terms of percentage.