Under U.S. GAAP
A) currency signs are generally used in the journal, ledger, trial balance, and financial statements.
B) share Capital - Ordinary is referred to as Retained Earnings.
C) the statement of financial position is often called the statement of changes in financial position.
D) the rules of debits and credits, and the steps in the recording process are the same as under IFRS (International Financial Reporting Standards).

Question

Quizplus · Accepted Answer

Under both U.S. GAAP and IFRS, the fundamental accounting principles, including the rules of debits and credits and the steps in the recording process, are consistent.