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:

Rhetoric

The art of effective or persuasive speaking or writing, often used to influence or shape public opinion.

Intelligence

The ability to understand and solve problems; an important leadership trait or quality involving discernment, comprehension, and judgment; capacity to understand information, formulate strategies, and make good decisions.

Servant Leader

A person devoted to others or to a cause or creed. A servant leader advances the interest of others, often at personal sacrifice. The essential component of servant leadership is the element of caring.

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The top-tier management officials within an organization, typically including positions like CEO, CFO, and other chief officers.