Question 4
GAAP:
allows revenue to be recognized when a customer makes an
order.
requires that revenue not be recognized until cash is received.
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.
Question 5
Which of the following statements is false?
IFRS employs accrual accounting.
IFRS requires that revenues and costs must be capable of being
measured reliably.
IFRS employs the periodicity assumption.
IFRS uses the cash basis of accounting.
Question 6