One Difference Between U.S.GAAP and IFRS Is ________

question 148

Multiple Choice

One difference between U.S.GAAP and IFRS is ________.

• A)U)S.GAAP allows LIFO and IFRS does not
• B)IFRS allows LIFO and U.S.GAAP does not
• C)U)S.GAAP allows FIFO and IFRS does not
• D)IFRS allows FIFO and U.S.GAAP does not

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Definitions:

Testable Prediction

A forecast or hypothesis that can be verified or disproved through experimentation or observation.

Statistical Methods

The collection of techniques used for collecting, analyzing, interpreting, and presenting data.

Hypothesis

A proposed explanation for a phenomenon, made as a starting point for further investigation, which can be tested through experiments or observations.

Educated Guess

A hypothesis or assumption made based on prior knowledge and rational inferences.