All of the following statements are true except:
a. The threshold for recording items as liabilities is a lower under IFRS than under U.S. GAAP.
b. The threshold for recording items as liabilities is a lower under U.S. GAAP than under IFRS.
c. IFRS requires a liability to be recorded as a present value amount.
d. Under U.S. GAAP, a contingent item should be recorded as a liability if the loss or outflow is probable and can be reasonably estimated.
b
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Indicate whether the statement is true or false
When preparing for a video interview, dressing is less important as the interviewer will only see your face and top of your shirt
Indicate whether the statement is true or false.
Carson recently lost his job due to budget cuts and shortfalls. This type of life event was significant for him. This could also be defined as ______.
A. a passage in life B. a habit in life C. a story D. a moral identity
The debits to Work-in-Process for Department #2 for the month of April of the current year, together with information concerning production, are presented below. All direct materials come from Department #1. The units completed include the 1,200 in process at the beginning of the period. Department #2 uses FIFO costing.WORK-IN-PROCESS - DEPARTMENT #21,200 units, ¼ completed$1,200Product X, 6,200 units????From Dept. 1, 6,000 units3,600 Direct Labor8,000 Factory OH4,800 1,000 units, ½ complete???? What are the total costs to be accounted for on the production cost report for Department #2 for the period?
A. $16,400. B. $11,600. C. $17,600. D. $12,660.