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ASE-Style Multiple Choice Which of the following statements is LEAST-Likely true?
IFRS
International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that is becoming the global standard for the preparation of public company financial statements.
GAAP
Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting used in the United States.
Development Costs
Expenditures associated with the design, development, and enhancement of a company's products or services before commercial production.
Bank Overdrafts
Occurs when withdrawals from a bank account exceed the available balance, resulting in a negative balance.
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