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:

Program Budgeting

A method of budgeting in which all expenses must be justified for each new period, focusing on programs and activities instead of traditional line items.

Responsibility Accounting

A financial recording system that accumulates, consolidates, and presents finance-related data pertaining to the obligations of specific managers or units.

Responsibility Centres

Segments within an organization for which individual managers are accountable, focusing on financial performance and operational efficiency.

Participative Budgeting

A budgeting process where workers at all levels are involved in setting budget goals and objectives, fostering collaboration and buy-in.