24) Under IFRS, a) receivables are generally reported in the current assets section of the statement of financial position. b) cash and receivables are reported as the last items in the current assets section of the statement of financial position. c) bank overdrafts are generally reported as cash. c) All of these answer choices are correct.
24) Under IFRS,
a) receivables are generally reported in the current assets section of the
b) cash and receivables are reported as the last items in the current assets section of the statement of financial position.
c) bank overdrafts are generally reported as cash.
c) All of these answer choices are correct.
25) A major difference between GAAP and IFRS with respect to accounting for inventories is:
a) guidelines on ownership of goods.
b) costs to include in inventories.
c) the use of LIFO cost flow assumption.
d) the use of LCNRV.
26) Which of the following is a similarity between GAAP and IFRS with respect to accounting for inventories?
a) Both standards use a ceiling or a floor to determine lower-of-cost-or-market.
b) Both standards allow for reversals of write downs.
c) The use of more principles based guidelines exist under both IFRS and GAAP standards.
d) Inventory acquisitions are accounted for at historical cost.
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