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need help answering the attached questions please they are multiple choice Question 1 GAAP: provides very detailed, industry-specific guidance on revenue recognition, compared to the
need help answering the attached questions please they are multiple choice
Question 1 GAAP: provides very detailed, industry-specific guidance on revenue recognition, compared to the general guidance provided by IFRS. provides only general guidance on revenue recognition, compared to the detailed guidance provided by IFRS. requires that revenue not be recognized until cash is received. allows revenue to be recognized when a customer makes an order. Question 2 Which of the following statements is false? IFRS uses the cash basis of accounting. IFRS employs the periodicity assumption. IFRS employs accrual accounting. IFRS requires that revenues and costs must be capable of being measured reliably. Question 3 As a result of the revenue recognition project being undertaken by the FASB and IASB: revenue recognition will place more emphasis on when revenue is realized. revenue recognition will place more emphasis on when changes occur in assets and liabilities. revenue recognition will place more emphasis on when revenue is earned. revenue will no longer be recorded unless cash has been received. Question 4 Which of the following is false? IFRS has fewer standards than GAAP that address revenue recognition. Under IFRS, firms do not engage in the closing process. Under IFRS, the term income describes both revenues and gains. Under IFRS, the term expenses includes lossesStep by Step Solution
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