A. One significant difference between IFRS and GAAP is:

- IFRS does not allow the use of the LIFO inventory method, while GAAP does allow this method

- IFRS minimizes the needs of investors, while GAAP emphasizes the needs of investors

B. General Mills shows a large balance in the account, Goodwill. Which statement is false about General Mills Goodwill?

- General Mills was acquired by another company and turned into a subsidiary.

- The amounts General Mills paid for other companies exceeded the values of their identifiable net assets.

C. Blue Company reported cash sales revenue of $4,000,000 and credit sales revenue of $7,500,000. It also has this information: Sales returns, $100,000; sales allowances, $35,000; bad debt expense, $200,000; and cost of goods sold expense, $8,000,000. What is the amount for net sales revenue?

- $3,500,000

- $11,365,000