Which of the Following Accounting Standards Have Been Revised by the FASB

question 22

Multiple Choice

Which of the following accounting standards have been revised by the FASB to be fully consistent with IFRS?

• A)Deferred taxes.
• B)Pension costs.
• C)Contingencies.
• D)Financial instruments.

---

Definitions:

Personal Property

Assets or belongings that are movable and not fixed to one location, unlike real estate.

Bailment

A legal relationship where physical possession of personal property is transferred from one party to another, under the agreement that the property will be returned.

Bailor

One who entrusts goods to a bailee.

Bailee

A person or entity that has temporary possession of personal property belonging to another under a bailment agreement.