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:

Large Denomination

Refers to currency or financial instruments issued in large amounts, often used for major transactions or investments.

Bank Failures

Occurrences where a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities.

Commercial Banks

Financial institutions that offer a wide range of services, including deposits, loans, and other financial products to businesses and individuals.

Incomes

Regular financial earnings obtained from labor services or investment gains.