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.

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Definitions:

Public Speaking

The act of presenting information or ideas orally to an audience, typically in a formal setting.

Nondeclarative

Referring to memory that is expressed through performance rather than conscious recollection, such as skills and habits.

Declarative

Pertaining to memories that can be consciously recalled, such as facts and events.

Memory

The cognitive process enabling humans and other animals to store, retain, and subsequently retrieve information.