IFRS Rules for Revenue Recognition and Measurement Are Much More

question 77

True/False

IFRS rules for revenue recognition and measurement are much more voluminous and detailed than those contained in U.S.GAAP.

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Definitions:

Cash Account

An account reflecting the amount of cash available, including all receipts and payments of cash.

Bank Statement

A report sent by a bank to a customer indicating the previous balance, ATM transactions, nonsufficient funds, individual checks processed, individual deposits received, service charges, and ending bank balance.

Outstanding Checks

Checks written by a company or person that were not received or not processed by the bank before the preparation of the bank statement.

Financial Statement

A formal record of the financial activities of a business, person, or other entity, presented in a structured manner to understand financial conditions and operations.