Which of the Following Is a True Statement Regarding the Treatment

question 77

Multiple Choice

Which of the following is a true statement regarding the treatment of accounts payable,sales tax payable,and unearned revenues?

• A)Both GAAP and IFRS treat these accounts as estimated liabilities.
• B)GAAP treats them as estimated liabilities,while IFRS treats these accounts as contingent liabilities.
• C)IFRS treats them as estimated liabilities,while GAAP treats theses accounts as contingent liabilities.
• D)Both GAAP and IFRS treat these accounts as known liabilities.
• E)IFRS treats them as known liabilities,while GAAP treats these accounts as contingent liabilities.