In Addition to Disclosing Judgments Involving Estimates and Assumptions,________ Requires

question 81

Multiple Choice

In addition to disclosing judgments involving estimates and assumptions,________ requires that companies disclose judgments made when determining appropriate accounting treatments.

• A)U)S.GAAP
• B)IFRS
• C)both A & B
• D)neither A nor B

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Definitions:

Assessed Value

The dollar value assigned to a property for purposes of measuring applicable taxes.

Property Tax

A levy imposed by a government on a property owner, based on the value of the property.

Mill Rate

The amount of property tax per $1000 value.

Average Number

A value found by adding all numbers in a set together and then dividing by the count of those numbers.