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Which statement correct regarding reporting options

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Reference no: EM132933326

Problem 1: Which of the following best describes characteristics of a corporation?

Select one:

a. The separation of ownership and management
b. Unlimited liability for owners
c. The separation of assets and liabilities
d. None of the available choices

Problem 2: Which of the following statement(s) is/are correct regarding reporting options for private corporations?

Select one:

a. A private corporation may choose to use ASPE rather than incur the high costs of retraining staff and converting to IFRS.
b. None of the available choices
c. IFRS requires fewer disclosures in financial reporting than ASPE.
d. ASPE can be much more technically complex than IFRS.

Reference no: EM132933326

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