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Which is one of the FASB/IASB convergence projects? Question 15 Which of the following is not included in the income statement? Question 16 Which of the following is not included in financial statements? Question 17 Which point supports the use of IFRS by U.S. public companies? Question 18 Which international organization began the movement toward international accounting standards? Question 19 What is the correct order of steps in applying the revenue recognition model?(1) Identify the separate performance obligations in the contract(2) Identify the contract with the customer(3) Determine the transaction price for the entire contract(4) Recognize revenue when each separate performance obligation is satisfied(5) Allocate the transaction price to separate performance obligation Question 20 Which is one of the key activities that will lead to a company’s successful IFRS conversion? Question 21 Recoverable amount is the higher of the following: Question 22 Which of the following are differences between U.S. GAAP and IFRS? Question 23 Which of the following entities may not gain distinct advantages from adopting IFRS for SMEs? Question 24 Which country is the only major country not to formally commit to the adoption of IFRS? Question 25 Which of the following does IFRS require accounting students and educators to learn? ACC 499 Midterm Part 2 (Set 2) Question 1

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