1: Which of the following are the same under both GAAP and IFRS? a. The journal. b....
Question:
1: Which of the following are the same under both GAAP and IFRS?
a. The journal.
b. The ledger.
c. The chart of accounts.
d. All of the above.
e. Only a & c.
2: Which of the following is true?
a. Transaction analysis is completely different under IFRS and GAAP.
b. Most transactions are recorded differently under IFRS and GAAP.
c. Transaction analysis is the same under IFRS and GAAP, but some transactions are recorded differently.
d. All transactions are recorded the same under IFRS and GAAP.
3: Revenue recognition under IFRS is
a. Substantially different from revenue recognition under GAAP.
b. Generally the same as revenue recognition under GAAP, but with more detailed guidance.
c. Generally the same as revenue recognition under GAAP, but with less detailed guidance.
d. Exactly the same as revenue recognition under GAAP.
4: Both IFRS and GAAP require disclosure about
a. Accounting policies followed.
b. Judgements that management has made in the process of applying the entity's accounting policies.
c. The key assumptions and estimation uncertainty.
d. All of the above.
e. Only b & c.
5: The use of fair value to report assets
a. Is not allowed under GAAP or IFRS.
b. Is required by GAAP and IFRS.
c. Is increasing under GAAP and IFRS, but GAAP has adopted it more broadly.
d. Is increasing under GAAP and IFRS, but IFRS has adopted it more broadly.
c. Transaction analysis is the same under IFRS and GAAP, but some transactions are recorded differently.
d. All transactions are recorded the same under IFRS and GAAP.
3: Revenue recognition under IFRS is
a. Substantially different from revenue recognition under GAAP.
b. Generally the same as revenue recognition under GAAP, but with more detailed guidance.
c. Generally the same as revenue recognition under GAAP, but with less detailed guidance.
d. Exactly the same as revenue recognition under GAAP.
4: Both IFRS and GAAP require disclosure about
a. Accounting policies followed.
b. Judgements that management has made in the process of applying the entity's accounting policies.
c. The key assumptions and estimation uncertainty.
d. All of the above.
e. Only b & c.
5: The use of fair value to report assets
a. Is not allowed under GAAP or IFRS.
b. Is required by GAAP and IFRS.
c. Is increasing under GAAP and IFRS, but GAAP has adopted it more broadly.
d. Is increasing under GAAP and IFRS, but IFRS has adopted it more broadly.
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