The Basic Accounting Entries for Merchandising Are

question 71

Multiple Choice

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.

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Definitions:

Gene Expression

Multistep process by which the information in a gene guides assembly of an RNA or protein product. Includes transcription and translation.

DNA

Deoxyribonucleic acid, a molecule that carries the genetic instructions used in the growth, development, functioning, and reproduction of all known living organisms.

RNA

Ribonucleic acid. Nucleic acid with roles in gene expression. Most are single-stranded chains of ribonucleotides (adenine, guanine, cytosine, and uracil). See messenger RNA, transfer RNA, ribosomal RNA.

Protein

Organic molecule that consists of one or more polypeptides.