IFRS vs
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Questions and Answers

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?

  • 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?

  • Both IFRS and GAAP
  • GAAP
  • Neither IFRS nor GAAP
  • IFRS (correct)

    • What is the main difference between IFRS and GAAP?

    <p>IFRS is standards-based, while GAAP is rules-based</p> Signup and view all the answers

    Which inventory cost method is banned under IFRS?

    <p>Last in, first out (LIFO)</p> Signup and view all the answers

    What is the perception of IFRS and GAAP in terms of being dynamic or static?

    <p>IFRS is more dynamic, while GAAP is more static</p> Signup and view all the answers

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