Which of the Following Is False with Regard to Accounting

question 28

Multiple Choice

Which of the following is false with regard to accounting standards for segment reporting according to International Financial Reporting Standards (IFRS) and U.S. GAAP?

• A) IFRS and U.S. GAAP do not each require disclosure of segment liabilities.
• B) IFRS and U.S. GAAP both require disclosure of intangible assets attributable to geographic segments.
• C) According to IFRS, operating segments can be based on products and services.
• D) According to IFRS, operating segments can be based on geographic areas.
• E) IFRS and U.S. GAAP both require disclosure of total assets.

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Definitions:

Cross-Functional Teams

Groups composed of members from different departments or areas of expertise working together towards a common goal, often used in business for project development.

Purchasing Manager

This individual is responsible for sourcing goods and services for an organization, including negotiating prices and contracts with suppliers.

Purchasing Committee

A group of professionals within an organization responsible for making buying decisions.

Buying Center

A group of individuals within an organization responsible for making purchasing decisions and evaluating products or services.