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Questions and Answers
Which accounting system is primarily used in the U.S.?
Which accounting system is primarily used in the U.S.?
- IFRS
- None of the above
- GAAP (correct)
- Both IFRS and GAAP
Which inventory cost method is banned under IFRS?
Which inventory cost method is banned under IFRS?
- Neither FIFO nor LIFO
- Last in, first out (LIFO) (correct)
- First in, first out (FIFO)
- Both FIFO and LIFO
Which accounting system is seen as more dynamic and regularly revised?
Which accounting system is seen as more dynamic and regularly revised?
- Both IFRS and GAAP
- GAAP
- Neither IFRS nor GAAP
- IFRS (correct)
What is the main difference between IFRS and GAAP?
What is the main difference between IFRS and GAAP?
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Which inventory cost method is banned under IFRS?
Which inventory cost method is banned under IFRS?
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What is the perception of IFRS and GAAP in terms of being dynamic or static?
What is the perception of IFRS and GAAP in terms of being dynamic or static?
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