Which of the Following Are the Same Under Both GAAP

question 100

Multiple Choice

Which of the following are the same under both GAAP and IFRS?

• A)The journal.
• B)The ledger.
• C)The chart of accounts.
• D)All of these answers are correct.

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Definitions:

Fitness

A state of health and well-being, often achieved through regular physical activity, proper nutrition, and adequate rest.

Suitable Goods

Products that meet a buyer's requirements and are fit for the intended purpose, adhering to descriptions or samples shown at the time of sale.

Express Warranty

A written or spoken promise from a seller regarding the quality, functionality, or condition of a product.

Showroom

A space used to display new or featured products for sale, particularly in the automotive, furniture, and fashion industries.