IFRS and U.S. GAAP both identify assets as ________ elements.
A) phase-in-time
B) period-of-time
C) point-in-time
D) piece-of-time

Name: IFRS and U.S. GAAP both identify assets as ________ elements. A) phase-in-time B) period-of-time C) point-in-time D) piece-of-time
Brand: Quizplus
Rating: 4.9 (35 reviews)

Question

Quizplus · Accepted Answer

Both IFRS and U.S. GAAP classify assets as "point-in-time" elements because they are measured at a specific point in time, such as the balance sheet date.