Indicate by letter whether each of the terms or phrases listed below is more associated with financial statements prepared in accordance with U S GAAP (U) or International Financial Reporting Standards (I) Terms and phrases 1 Common stock 2 Preference shares 3 Liabilities often listed before equity...

Indicate by letter whether each of the terms or phrases listed below is more associated with financial

Question:

Indicate by letter whether each of the terms or phrases listed below is more associated with prepared in accordance with U.S. (U) or International Financial Reporting Standards (I).
Terms and phrases
_____ 1. Common stock
_____ 2. Preference shares
_____ 3. Liabilities often listed before equity in the (statement of
financial position)
_____ 4. Asset revaluation reserve
_____ 5. Accumulated other comprehensive income
_____ 6. Share premium
_____ 7. Equity often listed before liabilities in the (statement of
financial position)
_____ 8. Share premium
_____ 9. Ordinary shares
_____ 10. Paid-in capital—excess of par
_____ 11. Net gains (losses) on investments—AOCI
_____ 12. Investment revaluation reserve
_____ 13. Preferred stock

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...