All of the following statements related to U.S. GAAP and IFRSare true except:

Multiple Choice

*Accounting for basic inventory transactions is the same underthe two systems.

*U.S. GAAP offers little guidance about the presentation orderof expenses.

*The closing process for merchandisers is the same under bothsystems.

*Neither system defines operating income.

*Neither system requires separate disclosure of items when theirsize, nature, or frequency are important.