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.

Question

Quizplus · Accepted Answer

All of the answer choices are the same under both GAAP and IFRS. The account refers to the classification of transactions such as assets, liabilities, and equity. Debit and credit rules dictate whether a transaction results in a increase or decrease to an account. Steps in the recording process include identifying transactions, analyzing transactions, recording transactions in a journal entry, posting to ledgers, and preparing financial statements.

Which of the Following Are the Same Under Both GAAP