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.