Which of the Following Statements Best Describes How GAAP and IFRS

question 12

Multiple Choice

Which of the following statements best describes how GAAP and IFRS treat cash?

• A)Accounting definitions for cash are similar for U.S.GAAP and IFRS.
• B)IFRS is more strict about what is considered cash than GAAP.
• C)GAAP is more strict about what is considered cash than IFRS.
• D)IFRS requires a cash balance of at least 10% of total assets; GAAP requires a cash balance of at least 5% of total assets.
• E)GAAP requires anything other than coins and bills in hand to be classified as cash equivalents while IFRS classifies coins and bills as cash equivalents.

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Definitions:

Wire Surrogate Mother

Refers to an experiment in developmental psychology where infant monkeys showed attachment to cloth-covered wire frames, indicating the importance of comfort and warmth over nourishment alone.

Secure Base

In attachment theory, a caregiver's presence that gives the child a sense of safety, enabling them to explore their environment.

Social Deprivation

A condition resulting from a lack of social contacts and relationships, which can affect mental and physical health.

Withdrawn and Depressed

A state in which individuals pull away from social interactions and experience persistent feelings of sadness, hopelessness, and disinterest in life.