Which of the following is true?
A)Transaction analysis is completely different under IFRS and GAAP.
B)Most transactions are recorded differently under IFRS and GAAP.
C)Transaction analysis is the same under IFRS and GAAP, but some transactions are recorded differently.
D)All transactions are recorded the same under IFRS and GAAP.

Question

Quizplus · Accepted Answer

Transaction analysis is the process of identifying the economic events of a transaction and recognizing the accounts that will be affected. Generally, transaction analysis is the same under IFRS and GAAP, but some transactions may be recorded differently due to differences in accounting principles or requirements. Therefore, option C is the correct choice.

Which of the Following Is True