Under IFRS, the end-of-period closing process is;

Group of answer choices

more detailed than GAAP.

limited to permanent accounts.

not required.

the same as GAAP.

(8) Under IFRS, what method(s) may be used to prepare the Operating Activities section of the Statement of Cash Flows?

Group of answer choices

Either the direct or indirect method.

Only the direct method.

Only the indirect method.

The allowance method.

(9) IFRS allows long-term assets to be recorded and reported at;

Group of answer choices

estimated value.

initial cost only.

fair market value.

average cost.

(10) Under IFRS, interest expense is calculated using the;

Group of answer choices

straight-line method.

average method.

effective-interest method.

declining-balance method.

(11) The method used for accounting for stocks and dividends is;

Group of answer choices

different for GAAP and IFRS.

similar for GAAP and IFRS.

not applicable to IFRS.

not applicable to GAAP.

(12) Alternative income reporting on the income statement is;

Group of answer choices

only permitted under IFRS.

only permitted under GAAP.

permitted under both GAAP and IFRS.

not reported by either system.