8. Which statement is correct regarding IFRS? (a) IFRS reverses the rules of debits and credits, that is, debits are on the right and credits are on the left. (b) IFRS uses the same process for recording transactions as GAAP. (c) The chart of accounts under IFRS is different because revenues follow assets. (d) None of the above statements are correct. 9. The expanded accounting equation under IFRS is as follows: (a) Assets = Liabilities + Common Stock + Retained Earnings + Revenues - Expenses + Dividends. (b) Assets + Liabilities = Common Stock + Retained Earnings + Revenues - Expenses - Dividends. (c) Assets = Liabilities + Common Stock + Retained Earnings + Revenues - Expenses - Dividends. (d) Assets = Liabilities + Common Stock + Retained Earnings - Revenues - Expenses - Dividends. 10. A trial balance: (a) is the same under IFRS and GAAP. (b) proves that transactions are recorded correctly. (c) proves that all transactions have been recorded. (d) will not balance if a correct journal entry is posted twice. 11. One difference between IFRS and GAAP is that: (a) GAAP uses accrual-accounting concepts and IFRS uses primarily the cash basis of accounting (b) IFRS uses a different posting process than GAAP. c) IFRS uses more fair value measurements than GAAP