Which of the Following Statements Related to U

question 42

Multiple Choice

Which of the following statements related to U.S.GAAP and IFRS is incorrect?

• A)Both U.S.GAAP and IFRS include guidance for adjusting entries.
• B)Both U.S.GAAP and IFRS prepare the same four financial statements.
• C)U.S.GAAP does not require items to be separated by current and noncurrent classifications on the balance sheet.
• D)U.S.GAAP balance sheets report current items first.
• E)IFRS balance sheets normally present noncurrent items first.

---

Definitions:

Critical Thinker

An individual who engages in reflective and independent thinking, often questioning assumptions and evaluating evidence and arguments logically.

Cynically

Relating to the belief that people are motivated purely by self-interest; skeptically.

Open-Mindedly

Approaching ideas, arguments, and experiences without prejudice, being willing to consider different perspectives and changes in opinion.

Self-Contradictory

Describing a statement or situation that contains elements that are logically inconsistent with each other.