Which of the Following Is False with Regard to Accounting

question 28

Multiple Choice

Which of the following is false with regard to accounting standards for segment reporting according to International Financial Reporting Standards (IFRS) and U.S. GAAP?

• A) IFRS and U.S. GAAP do not each require disclosure of segment liabilities.
• B) IFRS and U.S. GAAP both require disclosure of intangible assets attributable to geographic segments.
• C) According to IFRS, operating segments can be based on products and services.
• D) According to IFRS, operating segments can be based on geographic areas.
• E) IFRS and U.S. GAAP both require disclosure of total assets.

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Definitions:

Statement of Defence

A legal document filed in court by the defendant, outlining their defense against the claims made in a lawsuit.

Counterclaim

A legal claim brought against the plaintiff by the defendant in a lawsuit, essentially a reverse lawsuit within the original legal action.

Writ of Summons

A legal document issued to initiate court proceedings, formally notifying the defendant of the action against them and requiring their response.

Statement of Claim

A statement of claim is a legal document filed in court that outlines the plaintiff's allegations against the defendant, serving as the initial step in a legal action.