6 Questions
Which accounting system is primarily used in the U.S.?
GAAP
Which inventory cost method is banned under IFRS?
Last in, first out (LIFO)
Which accounting system is seen as more dynamic and regularly revised?
IFRS
What is the main difference between IFRS and GAAP?
IFRS is standards-based, while GAAP is rules-based
Which inventory cost method is banned under IFRS?
Last in, first out (LIFO)
What is the perception of IFRS and GAAP in terms of being dynamic or static?
IFRS is more dynamic, while GAAP is more static
"IFRS vs. GAAP: Know the Differences" - Test your knowledge of the two accounting systems with this informative quiz! Learn about the key differences between IFRS and GAAP, including methodological approaches, international usage, and more. Master the essential keywords and concepts to stay ahead in the global financial landscape. Take this quiz now to enhance your understanding of IFRS and GAAP!
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
