Question: 1) In a rules-based approach (such as U.S. GAAP), compared to a principles-based approach (such as Canadian GAAP), A. the importance of communicating the best

1) In a rules-based approach (such as U.S. GAAP), compared to a principles-based approach (such as Canadian GAAP), A. the importance of communicating the best information to users is emphasized. B. since it is more prescriptive, it may be easier to defend how to account for a particular item. C. the body of knowledge is smaller. D. companies frequently do not interpret the rules literally

2) Fair value (of an asset) is A. an exit price. B. not used when following IFRS. C. an entry price. D. an entity-specific measure.

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