Which of the Following Statements Is True Regarding International Financial

question 68

Multiple Choice

Which of the following statements is true regarding International Financial Reporting Standards (IFRS) and U.S. GAAP?

• A) IFRS allows both the perpetual and periodic systems, but U.S GAAP permits only the perpetual system.
• B) IFRS requires a single-step income statement, but U.S. GAAP allows either the single-step or the multiple-step income statement.
• C) U.S. GAAP allows operating expenses to be reported by either function or nature, IFRS requires reporting by function.
• D) IFRS requires 2 years of income statements, U.S. GAAP requires 3 years of income statements.

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Definitions:

Routine Screening

Regularly conducted tests or assessments to detect diseases or conditions early in asymptomatic individuals.

Apgar Score

A quick test performed on a newborn at 1 and 5 minutes after birth to determine the baby's heart rate, breathing, muscle tone, reflex response, and color.

Muscle Tone

The continuous and passive partial contraction of muscles, which helps maintain posture.

Rapid Pulse

An abnormally fast heartbeat rate, which can be a symptom of various conditions or responses, such as anxiety, fever, or heart issues.