QUESTION 1 Certain differences exist between IFRS and U.S. GAAP financial statement reporting. Which of the following is false? O IFRS presents a different ordering of the liabilities and shareholders' equity sections. IFRS allows the upward revaluation of property, plant, and equipment. IFRS does not require a statement of cash flows. IFRS financial statements are similar to U.S. GAAP QUESTION 2 The expected exit value is also referred to as the fair value O present value input value current market value QUESTION 3 Which of the following is least likely to be included in long-term liabilities? obligations for future pension payments O capital leases payable O liabilities on options to sell stock unearned revenues QUESTION 4 A balance sheet shows the fair value of a company at a particular date O results of the company's income-producing activities financial position of a company at a particular date 0 cash inflows and outflows of a company for the accounting period