1. how is the valuation of current assets affected if the company follows ifrs? a. valuation is based on historical cost. b. valuation is based on market adjustments. c. valuation is based on lcm accounting. d. assets are expensed immediately. 2. many of the accounting standards in gaap for current asset accounts are with the international standards. a. converged b. accordant c. accrued d. converted 3. unearned subscription revenue occurs on the balance sheet as a a. long term asset b. long term investment c. current asset of long term investment d. current liablity of long term liablity 4. interest payable is shown on the a. income statement b. balance sheet as a long term liablity c. balance sheet as a current liablity d. balance sheet as a long term asset