Which of the Following Does IFRS Require Accounting Students and Educators

question 8

Multiple Choice

Which of the following does IFRS require accounting students and educators to learn?

• A)To master specific IFRS policies to better accept the new accounting standards
• B)To focus on underlying concepts and their application
• C)To realize the difference between U.S.GAAP and IFRS to better develop the financial statements
• D)To research standards and interpretations on GAAP in order to differentiate policies from IFRS

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Definitions:

Quality

How well a good or service meets or exceeds customers’ expectations, or the degree to which a product conforms to established tolerance standards.

Consumer Demand

The desire for particular goods or services supported by the capacity to purchase them.

Price

The amount of money expected, required, or given in payment for something.

Variety

The quality or state of being different or diverse; the absence of uniformity or monotony.