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.

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Definitions:

Lung

A pair of organs situated within the ribcage, responsible for the process of respiration through the exchange of oxygen and carbon dioxide.

Depression

A psychological condition marked by a continuous low mood or lack of enjoyment in activities, leading to considerable disruption in daily functioning.

Olfaction

The sense of smell, a chemical sensing system that detects odor molecules in the environment.

Smelling

The act or process of perceiving odors or scents through the nose.