Which of the Following Statements Is False

question 22

Multiple Choice

Which of the following statements is false?

• A)Under IFRS,there are the same number of financial statement elements as in GAAP
• B)The FASB and IASB are no longer working on a joint conceptual framework project.
• C)The monetary unit assumption is used under IFRS.
• D)Under IFRS,companies may use fair value for property,plant,and equipment.

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Definitions:

Capital Account Balances

The amounts recorded in the equity section of a company's balance sheet that represent the owners' stakes.

Partnership Loan

A loan taken by a partnership, which is a business entity where two or more individuals operate for the common goal of making profit.

Liquidation Expenses

Costs associated with the liquidation process, including legal, accounting, and selling expenses necessary to convert assets into cash.

Noncash Assets

Assets that are not in the form of cash or not easily convertible to cash, often including property, plant, and equipment.