IFRS and U

question 46

Multiple Choice

IFRS and U.S. GAAP both identify assets as ________ elements.

• A) phase-in-time
• B) period-of-time
• C) point-in-time
• D) piece-of-time

---

Definitions:

Production Budget

A financial plan that estimates the number of units that need to be manufactured to meet sales goals and inventory requirements.

Cash Budget

An estimate of cash inflows and outflows for a business or project over a specific period of time, used for managing liquidity and ensuring financial stability.

Cash Receipts

The total amount of money received by a company during a specific period, including all sources of income.

Direct Labor-Hours

The aggregate amount of time spent by staff members directly participating in the creation process.