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

question 30

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) Provision is typically used under IRFS to refer to 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:

Deferred Imitation

The ability to replicate an action or behavior after a delay, indicating memory and cognitive development.

Sensorimotor Conditioning

A learning process in young children that involves mastering the integration of sensory information with motor responses, fundamental to cognitive development.

Organized Patterns

Structured sequences or arrangements of ideas, actions, or events that follow a consistent and recognizable order.

Circular Reactions

Repetitive behaviors in young children that serve to explore their environment and understand cause-and-effect relationships, part of cognitive development.