Which of the Following Statement Is True Regarding the Recording

question 80

Multiple Choice

Which of the following statement is true regarding the recording process?

• A) Because IFRS rely more on fair value and less on historical cost than U.S. GAAP the double-entry accounting system is not widely used by companies who use IFRS.
• B) Both IFRS and U.S. GAAP, use the same general rules of debits and credits and the steps in the recording process.
• C) A trial balance using IFRS is organised by first showing the accounts from the statement of financial position followed by accounts from the income statement; a trial balance using U.S. GAAP is organized using the opposite order.
• D) All of the choices are correct regarding the recording process.

---

Definitions:

World Price

The global market price of a product or service, determined by worldwide demand and supply.

Infant Industries

New or emerging industries in the early stages of development, often considered needing protection from international competition to grow.

Protectionism

Economic policy of restricting imports from other countries through methods such as tariffs and import quotas, to protect domestic industries.

Economics in Practice

Application of economic theories and principles to real-world scenarios and situations.