Which of the Following Are Differences Between U

question 1

Multiple Choice

Which of the following are differences between U.S.GAAP and IFRS?

• A)U.S.GAAP allows revaluation of nonfinancial assets
• B)U.S.GAAP prohibits LIFO inventory accounting
• C)U.S.GAAP and IFRS adopt contrasting approaches to revenue recognition
• D)IFRS provides substantially more industry guidance

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Definitions:

Human Behavior

The range of actions and mannerisms exhibited by humans in conjunction with their environment, responding to various stimuli or inputs.

Moral Absolutes

Ethical beliefs that actions are intrinsically right or wrong, irrespective of the context or consequences.

Ethical Relativism

The theory that moral principles are not universal truths but instead vary based on cultural, societal, or personal perspectives.

Ethical Absolutism

The philosophical belief that certain actions are absolutely right or wrong, regardless of context or consequences.