5 Questions
True or false: IFRS is a standards-based approach used primarily in the U.S.
False
True or false: GAAP is a more dynamic platform regularly being revised.
False
True or false: GAAP allows companies to use both FIFO and LIFO as inventory cost methods.
True
True or false: LIFO is banned under IFRS.
True
True or false: GAAP is the foundation for the Financial Accounting Standards Board (FASB).
True
Test your knowledge of accounting principles with this quiz! Learn about the differences between GAAP and IFRS and how they impact financial reporting. Challenge yourself with questions on standards-based approaches, rules-based systems, and the dynamic nature of accounting principles.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
