Asked by Brittney Buchanon on Jul 18, 2024
Verified
Which of the following are the same under both GAAP and IFRS?
A) The account.
B) Debit and credit rules.
C) Steps in the recording process.
D) All of these answer choices are correct.
GAAP
The standard set of guidelines for financial accounting that are widely accepted in a particular jurisdiction, known as Generally Accepted Accounting Principles.
IFRS
International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board.
Debit And Credit Rules
The guidelines used in double-entry bookkeeping where for every debit entry, there must be a corresponding credit entry, and vice versa, to ensure the accounting equation is always balanced.
- Differentiate between the accounting practices of International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP), noting their similarities and differences.
Verified Answer
Jul 20, 2024
Learning Objectives
- Differentiate between the accounting practices of International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP), noting their similarities and differences.
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