Which of the Following Measurement Methods Is Not Explicitly Recognised

question 20

Multiple Choice

Which of the following measurement methods is not explicitly recognised in the IASB Framework,although it is recognised in the FASB Framework?

• A) Current market value
• B) Current replacement cost
• C) Net realisable value
• D) Present value

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Definitions:

Adjusting Entries

Documentation in accounting completed at the end of a financial period to rightly assign incomes and expenses to the appropriate time.

Office Supplies

Items used in offices for daily operations, such as paper, pens, and staplers.

Interest-Bearing Note

A promissory note with a specified interest rate, where the issuer agrees to pay the bearer interest in addition to repaying the principal amount at maturity.

Adjusting Entries

Accounting records finalized at the close of an accounting period to properly assign income and expenses to the period they truly belong to.