Which of the following are the same under both GAAP and IFRS?
A) The journal.
B) The ledger.
C) The chart of accounts.
D) All of these answer choices are correct.

Question

Quizplus · Accepted Answer

The journal, ledger, and chart of accounts are fundamental accounting records and systems used to organize financial information. Both GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) utilize these tools in the same manner, making them consistent across both accounting standards.

Which of the Following Are the Same Under Both GAAP