Which of the Following Statements Regarding Reporting Under GAAP and IFRS

question 106

Multiple Choice

Which of the following statements regarding reporting under GAAP and IFRS is not true:

• A)Both GAAP and IFRS define the initial asset value as historical cost for nearly all assets.
• B)The definition of an asset under GAAP and IFRS involves three basic criteria.
• C)Both GAAP and IFRS define the initial asset value as replacement value.
• D)The definition of a liability under GAAP and IFRS involves three basic criteria.
• E)After acquisition,one of two asset measurement systems is applied.

---

Definitions:

STEM Fields

Acronym for Science, Technology, Engineering, and Mathematics, referring to disciplines that emphasize the importance of empirical evidence, logic, and innovation.

Women

Female human adults; also refers to issues, roles, and identities specific to female individuals in various contexts.

Post-Formal Cognitive Development

A stage of cognitive maturity where individuals are able to think abstractly, consider multiple viewpoints, and understand that issues can have complex resolutions.

Metacognition

Awareness and understanding of one's own thought processes, often referred to as "thinking about thinking."