All of the following statements regarding recognition of receivables under U. S. GAAP and IFRS are true except: Multiple Choice Receivables that arise from revenue-generating activities are subject to broadly similar criteria for U. S. GAAP and IFRS. U. S. GAAP and IFRS have similar asset criteria that apply to recognition of receivables. The realization principle under GAAP implies an arm's length transaction occurs. Under U. S. GAAP, provision refers to a liability whose amount or timing is uncertain. Differences arise mainly from industry-specific guidance under U. S. GAAP.

Option D. Under US GAAP provision refers to a liability whose amount or timing is uncertain.

Explanation:

Option A is correct because both the US GAAP and the IFRS has the same definition of the revenue which is the income from the core operation of the company and trade receivables are the receivables arising due to the core operations of the company which is same in the both cases.

Option B is also correct because the criteria for the recognition of assets that also applies to receivables is same.

Option C is correct because realization principle under GAAP and IFRS is the same which says that the revenue must only be recognized once the consideration agreed has been delivered by the organization.

Option D is incorrect statement because the under US GAAP, provisions are the liability whose amount and timings can be estimated easily.

Option E is correct because the US GAAP specifically focuses on the industry wide differences and encourages implementation of their set rules as they are more reliable than IFRS in such conditions. However IFRS has eliminated these discrepancies now so these are equally reliable as US GAAP.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total