Which of the following is a true statement about the terms used on the balance sheet?
A)U.S.GAAP requires a standard set of terms on the balance sheet.
B)IFRS require a standard set of terms on the balance sheet.
C)Terminology is consistent across all countries.
D)Neither IFRS nor U.S.GAAP requires a standard set of terms on the balance sheet.

Question

Quizplus · Accepted Answer

Neither IFRS nor U.S.GAAP require a standard set of terms on the balance sheet. However, there are some common terms used across different countries and accounting standards.

Which of the Following Is a True Statement About the Terms