Table of contents

Prepare for your exams

Upload your syllabus and get recommendations on what to study and when. No syllabus? Sharing your exam schedule works too.

Skip topic navigation

1. Introduction to Accounting(0)
2. Transaction Analysis(0)
3. Accrual Accounting Concepts(0)
4. Merchandising Operations(0)
5. Inventory(0)
6. Internal Controls and Reporting Cash(0)
7. Receivables and Investments(0)
8. Long Lived Assets(0)
9. Current Liabilities(0)
10. Time Value of Money(0)
- Time Value of Money Equations
  (0)
- Using Time Value of Money Tables
  (0)
11. Long Term Liabilities(0)
12. Stockholders' Equity(0)
13. Statement of Cash Flows(0)
14. Financial Statement Analysis(0)
15. GAAP vs IFRS(0)

15. GAAP vs IFRS

GAAP vs. IFRS: Recording Differences

15. GAAP vs IFRS

GAAP vs. IFRS: Recording Differences: Videos & Practice Problems

Video Lessons Practice Worksheet

GAAP vs. IFRS: Recording Differences Practice Problems

20 problems

1PRACTICE PROBLEM

Which organization is responsible for setting GAAP standards?

2PRACTICE PROBLEM

What does IFRS stand for?

3PRACTICE PROBLEM

Which of the following is a similarity in the record-keeping process under both GAAP and IFRS?

4PRACTICE PROBLEM

Under both GAAP and IFRS, what is the primary purpose of using debits and credits in journal entries?

5PRACTICE PROBLEM

A company operating in the US and Europe uses dollars and euros in its transactions. How should it apply the unit of measure principle in its financial statements?

6PRACTICE PROBLEM

If a company uses the unit of measure principle, what is the impact on its financial statements?

7PRACTICE PROBLEM

What is the primary purpose of a trial balance?

8PRACTICE PROBLEM

Which of the following is typically included in a trial balance?

9PRACTICE PROBLEM

How does the fair value principle differ from the historical cost principle?

10PRACTICE PROBLEM

Under which accounting standard is the fair value principle more commonly applied?

11PRACTICE PROBLEM

What is a potential disadvantage of using the fair value principle in financial reporting?

12PRACTICE PROBLEM

Which principle provides more up-to-date information in financial statements?

13PRACTICE PROBLEM

Under GAAP, how are short-term investments typically valued?

14PRACTICE PROBLEM

Why does GAAP allow the use of fair value for short-term investments?

15PRACTICE PROBLEM

Under IFRS, what is required when applying the fair value principle to long-term assets?

16PRACTICE PROBLEM

What is a key difference in the application of the fair value principle between GAAP and IFRS?

17PRACTICE PROBLEM

How does the use of fair value impact the reliability of financial statements?

18PRACTICE PROBLEM

Which principle is likely to provide more accurate financial statements in a rapidly changing market?

19PRACTICE PROBLEM

A company has a piece of land that has appreciated significantly in value. How might GAAP and IFRS differ in reporting this asset?

20PRACTICE PROBLEM

In which scenario might IFRS provide more relevant financial information than GAAP?

GAAP vs. IFRS: Classified Balance Sheet Practice Problems GAAP vs. IFRS: Adjusting Entries Practice Problems

Download the Mobile app

Privacy

Do not sell my personal information

Accessibility

Patent notice

Sitemap