The rules of debits and credits, and the steps in the recording process are generally consistent between U.S. GAAP and IFRS, although there are differences in other areas.

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Under U.S.GAPP

Question 157

Multiple Choice

Under U.S.GAPP

A) Currency signs are generally used in the journal, ledger, trial balance, and financial statements.
B) Share Capital-Ordinary is referred to as Retained Earnings.
C) The statement of financial position is often called the statement of changes in financial position.
D) The rules of debits and credits, and the steps in the recording process are the same as under IFRS.

Correct Answer: