In Terms of Balance Sheet Used by the IFRS, Which

question 33

Multiple Choice

In terms of balance sheet used by the IFRS, which of the following is true?

• A) Entities may present either a classified or non-classified balance sheet.
• B) Does not prescribe to a particular format.
• C) Items on the face of the balance sheet are generally presented in decreasing order of liquidity.
• D) Public companies must follow SEC guidelines regarding minimum-disclosure requirements.

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Definitions:

Derived Demand

Demand for a good or service that arises from the demand for another good or service; for example, the demand for steel is derived from the demand for cars.

Resource Demand

Refers to the total amount of goods and services that businesses require to produce their own goods and services.

MRP

An acronym for Material Requirements Planning, a system used for production planning and inventory control, or alternatively for Marginal Revenue Product, the extra revenue generated from employing one more unit of a resource.

Wage Rate

The fixed amount of compensation paid to employees for their labor, typically expressed as a rate per hour.