For Which of the Following Topics Is Accounting Under Both

question 21

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:

Unique Value

Unique value denotes the exclusive benefits or features that make a product or service stand out from its competitors.

Environmental Forces

External factors such as social, economic, technological, and political conditions that influence an organization's or industry's performance but are beyond its control.

Competitive

Relating to, characterized by, or based on the principle of competition, where entities vie for dominance in a market or field.

Regulatory

Pertaining to rules, laws, or guidelines formulated by governmental or authoritative bodies to control or govern conduct and practices in various fields such as finance, health, and safety.