The basic accounting entries for merchandising are
A)the same under GAAP and under IFRS.
B)required under GAAP but not under IFRS.
C)required under IFRS but not under GAAP.
D)required under IFRS with some differences as compared to GAAP.

Question

Quizplus · Accepted Answer

Both GAAP and IFRS require basic accounting entries for merchandising, and these entries are generally the same under both standards.

The Basic Accounting Entries for Merchandising Are