All of the Following Statements Related to Current Liabilities for U.S.GAAP

question 120

Multiple Choice

All of the following statements related to current liabilities for U.S.GAAP and IFRS are true except:

• A)The definitions and characteristics of current liabilities are broadly similar for both U.S.GAAP and IFRS.
• B)The term provision is typically used under IRFS to refer to what is titled liability under U.S.GAAP.
• C)Because tax regulatory systems of countries are different,the approach to recording taxes is totally different.
• D)When there is little uncertainty surrounding current liabilities,both require companies to record them in a similar manner.
• E)When there is a known current obligation that involves an uncertain amount,but one that can be reasonable estimated,both require similar treatment.

---

Definitions:

Explicit Attitudes

Attitudes that are consciously recognized and expressed by individuals, reflecting their beliefs and feelings towards objects or concepts.

Implicit Attitudes

Unconscious beliefs or feelings towards people, objects, or concepts that can influence behavior and perception without conscious awareness.

Spontaneous Behavior

Actions that occur without premeditation or planning, often driven by innate impulses or reactions to immediate circumstances.

Self-Presentation Concerns

Worries or considerations regarding how one is perceived, judged, or evaluated by others.