All of the Following Statements Related to U

Multiple Choice

All of the following statements related to U.S. GAAP and IFRS are true except:

A) Accounting for basic inventory transactions is identical under both systems.
B) The closing process for merchandisers is the same under both systems.
C) U.S.GAAP offers little guidance about the presentation order of expenses.
D) Neither system requires separate disclosure of items when their size, nature, or frequency are important.
E) Neither system defines operating income.