Which of the Following Is Not a Similarity of GAAP

question 130

Multiple Choice

Which of the following is not a similarity of GAAP and IFRS?

• A)They both generally require that an exchange take place before a transaction is recorded.
• B)They both promote information that is relevant and that faithfully represents the underlying transactions.
• C)They both include rules about recognition,classification,and measurement of transactions.
• D)They both allow fixed assets to be reported at fair values.

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Definitions:

Site Level

Refers to the specific location and its attributes within a larger geographic or organizational context, often considered in planning and development decisions.

Exchange Rates

The worth of one currency in terms of another for conversion purposes, showing the amount of one currency that can be swapped for a different one.

Ethical Issues

Concerns or problems that involve deciding what is right or wrong in a moral sense, often arising in business and professional settings.

Social Responsibility

Refers to the obligation of entities, both individuals and organizations, to act for the benefit of society at large, often emphasizing ethical practices and contributions to community wellbeing.