IFRS Tends to Be More Principles-Based Compared with GAAP,which Is

question 115

Multiple Choice

IFRS tends to be more principles-based compared with GAAP,which is viewed as more rules-based.Which of the following is a true statement about a principles-based system?

• A)A principles-based system eliminates the need for internal controls.
• B)A principles-based system is significantly weaker than a rules-based system.
• C)A principles-based system will eliminate all fraud.
• D)A principles-based system is a way to calculate interest receivable or payable.
• E)A principles-based system depends heavily on control procedures to reduce the potential for fraud or misconduct.

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Definitions:

Neurotransmitters

Chemicals released by neurons that transmit signals across a chemical synapse, from one neuron to another target neuron, muscle cell, or gland cell.

Neurotransmitter Receptor Sites

Specific locations on nerve cells where neurotransmitters bind to initiate or inhibit electrical signals, facilitating communication between neurons.

Dendrites

Branch-like extensions of neurons that receive electrochemical messages from other neurons for transmission to the neuron cell body.

Axon Terminals

The distal terminations of axons, specialized for the release of neurotransmitters to communicate with other neurons or muscles.