Which of the Following Statements Is incorrect Concerning Balance Sheets

question 107

Multiple Choice

Which of the following statements is incorrect concerning balance sheets prepared under IFRS and GAAP?

• A)The same elements are used in preparing balance sheets under both GAAP and IFRS.
• B)Under IFRS stockholders' equity is listed before liabilities,while under GAAP liabilities are listed before stockholders' equity.
• C)Under GAAP assets are usually listed in increasing order of liquidity,while under IFRS assets are usually listed in decreasing order of liquidity.
• D)Under GAAP current items are presented first,while under IFRS noncurrent items are presented first.

---

Definitions:

Altruism

Altruism is the selfless concern for the well-being of others, often leading to actions that benefit others at a personal cost.

Structured Learning

An educational approach where the curriculum and instruction are clearly defined and organized.

Orientation

A phase where individuals or groups become familiar with a new environment or status.

Analysis

The process of breaking down complex information or problems into smaller, more manageable parts to better understand or solve them.