What Is True About Both IFRS and U

question 45

Multiple Choice

What is true about both IFRS and U.S.GAAP with respect to service contracts?

• A)IFRS and U.S.GAAP both allow the use of the percentage-of-completion method.
• B)Neither IFRS, nor U.S.GAAP allows the use of the percentage-of-completion method.
• C)IFRS allows the use of the percentage-of-completion method while U.S.GAAP does not.
• D)U.S.GAAP allows the use of the percentage-of-completion method while IFRS does not.

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Definitions:

Production

The process of creating goods and services from various inputs like labor, land, and capital.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are available for everyone to use without preventing others from using them as well.

Withheld

The act of holding back or keeping something from happening or being known.

Pays

A term that likely refers to the act of giving money in exchange for goods, services, or to fulfill obligations, but without additional context, it's too generic to define specifically.