U.S. GAAP and IFRS identify the same seven period-of-time elements. True False J.S. GAAP and IFRS identify the same three point-in-time elements. True False Following U.S. GAAP, the going concern concept justifies accounting practices such as depreciation. True False The major difference between cash and accrual accounting is the timing of revenue and expense recognition. True False According to IFRS, there are two types of capital maintenance adjustments: financial and physical. True False According to the expense recognition principle in U.S. GAAP. firms recognize expenses when only one requirement is met: an asset has a reduced future benefit or when a liability is incurred or increased without an associated economic benefit. True False Information is relevant if it reliably depicts the substance of an economic event. True False Revenue and expense recognition under the current IFRS conceptual framework is the same as under the U.S. GAAP conceptual framework. True False U.S. GAAP does not allow companies to prepare financial statements using a cash-basis system. True False Under the principles of accrual accounting, revenues are considered earned when a company exchanges a good or service for cash or claims for cash. True False