Which of the Following Is a True Statement

question 55

Multiple Choice

Which of the following is a true statement?

• A)GAAP and IFRS treat accounts payable,sales taxes payable and unearned revenues in a similar manner as estimated liabilities
• B)GAAP treats accounts payable,sales taxes payable and unearned revenues as estimated liabilities while IFRS treats them as contingent liabilities.
• C)IFRS treats accounts payable,sales taxes payable and unearned revenues as estimated liabilities while GAAP treats them as contingent liabilities.
• D)GAAP and IFRS treat accounts payable,sales taxes payable and unearned revenues in a similar manner as determinable liabilities
• E)None of the statements above are true statements

Understanding the impact of spending behaviors on an economy.

Grasping the reasons and effects of government intervention in markets.

Identifying the consequences of insufficient spending in an economy, such as recession.

Recognizing the mutual benefits of trade and exchange.

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Definitions:

Chief Cells

Cells located in the stomach that secrete pepsinogen, an enzyme precursor that plays a key role in digestion.

Pepsinogen

The precursor of pepsin; secreted by chief cells in the gastric glands of the stomach.

Hydrochloric Acid

A strong corrosive acid that is used in the digestive system to help digest food and kill bacteria.

Herbivores

Animals that eat plants as their primary source of food, using special adaptations to digest a largely vegetarian diet.