Which of the following statements regarding GAAP and IFRS is not true? Select one: a. The Provision for Doubtful Accounts (IFRS) is equivalent to the Allowance for Doubtful Accounts (GAAP). b. The accounting and reporting related to cash is essentially the same under both IFRS and GAAP. c. Under GAAP, bank overdrafts are generally reported as cash. Under IFRS, such balances are reported as liabilities. d. Under IFRS, companies may report cash and receivables as the last items in current assets.

Which of the following statements regarding GAAP and IFRS is not true? Select one: a. The Provision for Doubtful Accounts (IFRS) is equivalent to the Allowance for Doubtful Accounts (GAAP). b. The accounting and reporting related to cash is essentially the same under both IFRS and GAAP. c. Under GAAP, bank overdrafts are generally reported as cash. Under IFRS, such balances are reported as liabilities. d. Under IFRS, companies may report cash and receivables as the last items in current assets.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Mark for Review Question 24 of 30: As per prudential norms bank assets are not classified as O standard assets O Doubtful assers O Quai assers Loss assets