1. How is the valuation of current assets affected if the company follows IFRS?a. Valuation is based on historical cost.b. Valuation is based on market adjustments.c. Valuation is based on LCM accounting.d. Assets are expensed immediately.2. Many of the accounting standards in GAAP for current asset accounts are _________ with the international standards.a. convergedb. accordantc. accruedd. converted3. Unearned subscription revenue occurs on the balance sheet as aa. long term assetb. long term investmentc. current asset of long term investmentd. current liablity of long term liablity4. Interest payable is shown on the a. income statementb. balance sheet as a long term liablityc. balance sheet as a current liablity d. balance sheet as a long term asset
Accepted Solution
A:
The valuation of the current assets may be affected will the company follows the IFRS is that the valuation is based on the historical cost. The answer is A.
Many of the accounting standard in GAAP for surrent assets account are converted with the international standards. The answer is D.
Unearned subscription account usually occur on the balance sheet as a current liability of long term liability. The answer is D.
The interest payable is always shown on the balance sheet as a current liability. The answer in this question is C.