O All of the above. D | Question 3 1 pts Which of the following statements is a true statement? O Both U.S. GAAP and IFRS do not require separate disclosure of items in the Income Statement. O The closing process is very different for U.S. GAAP and IFRS. O None of the above. O All of the above. OIFRS permits expenses to be presented by their function or their nature. U.S. GAAP provides no direction but the SEC requires presentation by function. 1 pts Question 4 An item of merchandise was sold with an invoice price of $400 and credit terms of 2/10, n/30. The