For Which of the Following Topics Is Accounting Under Both

question 13

Multiple Choice

For which of the following topics is accounting under both U.S.GAAP and IFRS essentially the same?

• A)Receivables.
• B)Long-term assets.
• C)Inventory.
• D)Research and development expenditures.

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Definitions:

Negative NCI

A scenario where the non-controlling interest (minority interest) in a subsidiary has a debit balance, indicating that the subsidiary has incurred losses.

Accounting Standards

These are established rules and guidelines fiscal reporting must follow to ensure consistency, reliability, and comparability of financial statements.

Consolidated Financial Statements

Financial statements that aggregate the financial position, results of operations, and cash flows of a parent company and its subsidiaries, presenting them as a single economic entity.

Shareholder's Equity

The residual interest in the assets of a corporation after deducting liabilities, representing the ownership stake of shareholders.