An Important Fact to Remember When Studying GAAP and IFRS

question 148

Multiple Choice

An important fact to remember when studying GAAP and IFRS is:

• A) if the U.S. adopts IFRS, the accounting information being taught currently will all be outdated.
• B) there is no difference in way information is arranged on the balance sheet and income statement if IFRS is adopted.
• C) newly issued U.S. accounting standards have conformed U.S. practices to IFRS.
• D) there is no terminology difference between GAAP and IFRS.

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Definitions:

Endogenous Infection

An infection caused by an infectious agent that is already present within the body, rather than being introduced from an external source.

Rotavirus

A highly contagious virus that causes gastroenteritis, especially in infants and young children, characterized by diarrhea, vomiting, and fever.

Hand Hygiene

A practice of cleaning hands to remove dirt, germs, and bacteria to prevent spreading infections.

Disease Transmission

The process by which contagious illnesses are spread from one person to another, through direct or indirect means.