Which of the Following Is a Major Difference Between the IASB's

question 54

Multiple Choice

Which of the following is a major difference between the IASB's conceptual framework and the FASB's?

• A) The IASB prefers replacement cost over historical cost as a measurement basis.
• B) FASB limits primary user groups to investors and creditors.
• C) FASB's conceptual framework is considerably shorter than the IASB's.
• D) The IASB's framework is in the form of a series of Concept Statements rather than a single framework.

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Definitions:

Missing Funds

A situation where there is a discrepancy in accounting, indicating that money or assets are unaccounted for or lost.

Bank Statement

A document provided by a bank, detailing the transactions, balance, and other financial information in an account for a specific period.

Deposits In Transit

Funds that have been deposited by a company but have not yet been recorded by the bank.

NSF Check

A check that cannot be processed due to insufficient funds in the account it is drawn on, also known as a bounced check.