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.

Gain knowledge of opening, viewing, and modifying queries to extract specific data from a database.

Acquire skills in database management tasks such as backing up the database and modifying field properties.

Understand the significance of reserved words in Access and the implications for database design.

Understand the purpose and use of different special journals in accounting.

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Definitions:

Economic Determinism

The theory that economic forces and material interests shape societal structures, values, and practices.

Scientific Method

A systematic procedure for collecting and analyzing evidence crucial in the advancement of science, involving observation, hypothesis formulation, experimentation, and conclusion.

Positivism

A philosophical system recognizing only that which can be scientifically verified or which is capable of logical or mathematical proof, thus rejecting metaphysics and theism.

World-Systems Theory

World-Systems Theory is a sociological perspective that analyzes societies in terms of the global economic system, focusing on the hierarchy of countries as core, semi-periphery, and periphery.