What Is a Difference Between U.S.GAAP and IFRS

question 34

Multiple Choice

What is a difference between U.S.GAAP and IFRS?

• A)U.S.GAAP allow LIFO and IFRS do not.
• B)U.S.GAAP allow FIFO and IFRS do not.
• C)U.S.GAAP allow double-declining-balance depreciation and IFRS do not.
• D)U.S.GAAP require accrual basis and IFRS does not.

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Definitions:

Medical Office

A facility where doctors and other healthcare professionals provide diagnosis, treatment, and various medical services to patients.

Inside Address

The recipient's address in a formal letter or document, positioned usually before the greeting.

Recipient

An individual or entity that receives something, such as a payment, donation, or organ transplant.

Letter Sent

The action of mailing a written message to someone, typically involving a postal service.