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.

Question

Quizplus · Accepted Answer

Both GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) require accounting entries for merchandising activities, and the basic principles for these entries are the same under both frameworks.

The Basic Accounting Entries for Merchandising Are