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O All of the above. D | Question 3 1 pts Which of the following statements is a true statement? O Both U.S. GAAP and IFRS do not require separate disclosure of items in the Income Statement. O The closing process is very different for U.S. GAAP and IFRS. O None of the above. O All of the above. OIFRS permits expenses to be presented by their function or their nature. U.S. GAAP provides no direction but the SEC requires presentation by function. 1 pts Question 4 An item of merchandise was sold with an invoice price of $400 and credit terms of 2/10, n/30. The

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The correct option is IFRS permits expenses to be presented by their function or their nature. U.S. GAAP provides no direction but the SEC requires presentation by function. The above statement is true. No direction is provided under U.S. GAAP to present the expenses depending on their nature or function, but the expenses should be presented by function as per SEC. Under IFRS, nature or function is used to present the expenses Separate disclosure of items in the income statement is required under IFRS

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