Which of the Following Are the Same Under Both GAAP

question 53

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.
• IFRS.

Recognize the conditions under which an agency relationship can be terminated or altered.

Understand the concept and legal significance of apparent authority in agency relationships.

Differentiate between durable and conventional powers of attorney.

Grasp the duty of an agent to inform the principal and the scope of this duty.

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Definitions:

Subsidiary Ledger

A detailed ledger that contains all the transaction information of a specific account, which then summarizes to a general ledger.

Cash Payments Journal

A specialized accounting journal used to record all payments made by a business, including expenses and purchases.

Accounts Payable

Liabilities of a business that are due to creditors within a short period, usually less than a year, for goods, services, or supplies purchased on credit.

Subsidiary Ledger

A ledger that provides detailed information about accounts in the general ledger, typically used for accounts receivable, accounts payable, etc.