The Major Difference Between IFRS and US GAAP in Accounting

question 26

Multiple Choice

The major difference between IFRS and US GAAP in accounting for inventories is that:

• A) US GAAP prohibits the use of specific identification.
• B) IFRS requires the use of the LIFO cost flow assumption.
• C) US GAAP prohibits the use of the LIFO cost flow assumption
• D) US GAAP allows the use of the LIFO cost flow assumption.

---

Definitions:

Population Growth

The increase in the number of individuals in a population, often measured in terms of birth rates, death rates, immigration, and emigration.

Positive Checks

In Malthusian theory, natural or societal forces such as famine, disease, and war that serve to increase the death rate.

Infanticide

The act of deliberately causing the death of an infant, often associated with cultural, social, or psychological factors.

Prostitution

The practice of engaging in sexual activity in exchange for payment.