Which of the Following Statements Is True Regarding the Differences

question 5

Multiple Choice

Which of the following statements is true regarding the differences between how recycling occurs in U.S.GAAP and IFRS?

• A)Actuarial gains and losses are recycled under IFRS
• B)IFRS recognize the OCI amount immediately in retained earnings.
• C)U.S.GAAP forbid recycling of revaluation surplus associated with long-lived assets.
• D)IFRS forbid recycling of revaluation surplus associated with short-term assets.

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Definitions:

Cerebellum

A part of the brain located at the back of the skull, primarily involved in coordinating movement and balance.

Limbic Lobe

The limbic lobe is a set of brain structures located on both sides of the thalamus, immediately beneath the cerebrum, involved in emotion, behavior, and long-term memory.

Autonomous Morality

The second stage in Piaget’s cognitive-developmental theory of moral development, in which children base moral judgments on the intentions of the wrongdoer and on the amount of damage done.

Objective Morality

The perception of morality as objective, that is, as existing outside the cognitive functioning of people.