Which Statement Is Correct

question 41

Multiple Choice

Which statement is correct?

• A)IFRS allows the taxes payable method because it is consistent with accrual accounting generally and with the IFRS Conceptual Framework.
• B)The taxes payable method is similar to accrual basis accounting and reflects the effect of transactions when they occur.
• C)ASPE permits the taxes payable approach because of the different costs and benefits faced by private enterprises.
• D)Recording the effect of deferred taxes is inconsistent with the definition and recognition criteria for assets and liabilities.

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Definitions:

Classical Writings

Historical documents, literature, and texts that have significantly influenced fields such as philosophy, literature, and science, often serving as foundational material in their respective areas.

Public Good

A product or service that is made available to all members of society and whose use by one individual does not diminish availability for others.

Behavioural Approaches

Psychological perspectives focusing on observable behaviors and the environmental determinants of response patterns.

Classical Approaches

Traditional methods or theories, particularly in economics, management, or philosophy, that have stood the test of time.