What Is the Fundamental Difference Between IFRS and GAAP

question 68

Multiple Choice

What is the fundamental difference between IFRS and GAAP?

• A) GAAP relies more on general principles but ignores the spirit of those principles.
• B) GAAP relies more on specific rules and the spirit of the rules.
• C) GAAP relies more on specific rules but not the spirit of the rules.
• D) GAAP relies more on general principles as well as the spirit of those rules.

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Definitions:

Mozart Effect

The theory suggesting that listening to Mozart's music may induce a short-term improvement on the performance of certain kinds of mental tasks.

Solomon Four-Group Design

Experimental design in which the experimental and control groups are studied with and without a pretest.

External Validity

The extent to which the results of a study can be generalized or applied to other settings, populations, or situations.

Independent Variables

Variables in an experiment that are manipulated by the researcher to observe their effect on the dependent variables.