Which of the following is a true statement?
A)GAAP and IFRS treat accounts payable,sales taxes payable and unearned revenues in a similar manner as estimated liabilities
B)GAAP treats accounts payable,sales taxes payable and unearned revenues as estimated liabilities while IFRS treats them as contingent liabilities.
C)IFRS treats accounts payable,sales taxes payable and unearned revenues as estimated liabilities while GAAP treats them as contingent liabilities.
D)GAAP and IFRS treat accounts payable,sales taxes payable and unearned revenues in a similar manner as determinable liabilities
E)None of the statements above are true statements

Question

Quizplus · Accepted Answer

Both GAAP and IFRS classify accounts payable, sales taxes payable, and unearned revenues as determinable liabilities, not estimated or contingent liabilities.

Which of the Following Is a True Statement