All of the Following Statements Regarding Recognition of Receivables Under

question 18

Multiple Choice

All of the following statements regarding recognition of receivables under U.S.GAAP and IFRS are true except:

• A)U.S.GAAP and IFRS have similar asset criteria that apply to recognition of receivables.
• B)Receivables that arise from revenue-generating activities are subject to broadly similar criteria for U.S.GAAP and IFRS.
• C)The realization principle under GAAP implies an arm's length transaction occurs.
• D)Under U.S.GAAP,provision refers to a liability whose amount or timing is uncertain.
• E)Differences arise mainly from industry-specific guidance under U.S.GAAP.

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Definitions:

Readiness For Training

The extent to which individuals have the necessary attitude, ability, and motivation to learn from training programs.

Social Support

Assistance and comfort provided by others, which can be emotional, informational, or practical in nature.

New Skills

Abilities and competencies acquired through training or experience that are essential for performing new tasks or duties.

Situational Constraints

Are external factors or conditions that limit or restrict individuals' ability to achieve a task or an objective.