Accounting and Bookkeeping Are Terms Used for Essentially the Same

question 75

True/False

Accounting and bookkeeping are terms used for essentially the same activity in an organization.

---

Definitions:

Borrowing Costs

Borrowing Costs are the interest and other costs that an entity incurs in connection with the borrowing of funds.

U.S. GAAP

Generally Accepted Accounting Principles in the United States, a standard framework of guidelines for financial accounting.

IFRS

A collection of worldwide accounting standards created by the International Accounting Standards Board, known as International Financial Reporting Standards.

SEC

The U.S. Securities and Exchange Commission, a federal agency responsible for enforcing federal securities laws and regulating the securities industry, stock and options exchanges.