Which of the Following Statements Best Describes How GAAP and IFRS

question 176

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 are 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; IFRS 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:

Career Path

The progression or sequence of jobs and roles that a person undertakes throughout their working life.

Occupation

Refers to a person's job or profession, typically used to categorize and describe a specific set of job roles or industries.

Work-Related Experiences

Encounters or activities related to one's occupation or professional life that contribute to skill, knowledge, and competency development.

Career Plan

A strategic outline of one's professional goals and the steps needed to achieve them, including education, skill development, and job experiences.