The Basic Accounting Entries for Merchandising Are

question 56

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.
• IFRS.

---

Definitions:

Id

A term from psychoanalytic theory referring to the part of the psyche associated with instinctual impulses and demands for immediate satisfaction of basic needs.

Conscience

An inner feeling or voice viewed as acting as a guide to the rightness or wrongness of one's behavior.

Superego

In psychoanalytic theory, the part of the personality responsible for moral standards and self-criticism.

Reality Principle

The recognition, characterizing ego functioning, that we cannot always express or satisfy our id impulses.