6. Companies that follow IFRS to prepare a statement of financial position (vs. Balance Sheet generally...

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6. Companies that follow IFRS to prepare a statement of financial position (vs. "Balance Sheet" generally use the following order of classification: a. Noncurrent assets, noncurrent liabilities, current assets, current liabilities, equity b. Noncurrent assets, current assets, equity, noncurrent liabilities, current liabilities c. Current assets, current liabilities, noncurrent assets, noncurrent liabilities, equity. d. Equity, noncurrent assets, current assets, noncurrent liabilities, current liabilities. 7. 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 assumption and estimation uncertainty. d. All of these. 8. Under IFRS: a. Companies can apply fair value to natural resources but no to property, plant, and equipment. b. Companies can apply fair value to property, plant, and equipment but not to natural resources. c. Companies can apply fair value to neither property, plant, and equipment and not natural resources. d. Companies can apply fair value to property, plant and equipment and natural resources. 9. Compared to the accounting equation under US GAAP - the expanded accounting equation under IFRS is as follows: a. Assets = Liabilities + Share Capital - Dividends + Revenues - Expenses. b. Assets + Liabilities Share Capital + Dividends + Revenues - Expenses c. Assets = Liabilities + Share Capital + Dividends + Revenue - Expenses d. Assets-Liabilities + Share Capital + Dividends - Revenues - Expenses 10. After learning about US GAAP and IFRS-Which system do you believe provides the Financial Statement User the most useful information and why? Please limit your response to less than five sentences. 6. Companies that follow IFRS to prepare a statement of financial position (vs. "Balance Sheet" generally use the following order of classification: a. Noncurrent assets, noncurrent liabilities, current assets, current liabilities, equity b. Noncurrent assets, current assets, equity, noncurrent liabilities, current liabilities c. Current assets, current liabilities, noncurrent assets, noncurrent liabilities, equity. d. Equity, noncurrent assets, current assets, noncurrent liabilities, current liabilities. 7. 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 assumption and estimation uncertainty. d. All of these. 8. Under IFRS: a. Companies can apply fair value to natural resources but no to property, plant, and equipment. b. Companies can apply fair value to property, plant, and equipment but not to natural resources. c. Companies can apply fair value to neither property, plant, and equipment and not natural resources. d. Companies can apply fair value to property, plant and equipment and natural resources. 9. Compared to the accounting equation under US GAAP - the expanded accounting equation under IFRS is as follows: a. Assets = Liabilities + Share Capital - Dividends + Revenues - Expenses. b. Assets + Liabilities Share Capital + Dividends + Revenues - Expenses c. Assets = Liabilities + Share Capital + Dividends + Revenue - Expenses d. Assets-Liabilities + Share Capital + Dividends - Revenues - Expenses 10. After learning about US GAAP and IFRS-Which system do you believe provides the Financial Statement User the most useful information and why? Please limit your response to less than five sentences.

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6 Explanation Statement of economic position as at Assets Current assets Noncurrent assets Total Assets Equities and Liabilities Current liabilities N... View the full answer