Option C is the answer | |
Generally accepted accounting principles (GAAP) are rules prescribed by the Financial Accounting Standards Board to all the companies when preparing their financial statements |
Soved In the U.S., Generally Accepted Accounting Principles (GAAP) are established by the: Multiple Choice 0t0656...
Generally accepted auditing standards established by the AICPA through April of 2003: Multiple Choice O Were accepted as interim standards by the Public Company Accounting Oversight Board. Provide accounting guidance for nonpublic companies. Were also adopted as international auditing standards at that date. Are now developed by the Securities and Exchange Commission.
Which of the following organizations requires publicly owned companies to be audited by independent accountants (CPA)? Public Company Accounting Oversight Board (PCAOB) Securities and Exchange Commission (SEC) American Institute of Certified Public Accountants (AICPA) Financial Accounting Standards Board (FASB)
Question 40 0.05 pts Which of the following is a key provision that resulted from the Sarbanes- Oxley Act? O Established an oversight board, the American Institute of Certified Public Accountants (AICPA) O Requires audit committees to be comprised of only members with financial expertise o Implements stronger independence rules for auditors O Requires only the CFO personally certify the financial statements and disclosures are accurate and complete Question 29 0.05 pts The objective of accrual-basis accounting ensure that a...
3 value: 15.00 points The Financial Accounting Standards Board is responsible for establishing O generally accepted accounting principles the American Institute of Certified Public Accountants O the Securities and Exchange Commission O the code of professional conduct for accountants
14. Accounting principles are "generally accepted" only when a. an authoritative accounting rule-making body has established it in an official pronouncement. b. It has been accepted as appropriate because of its universal application. @both a and b. d. neither a norb. 15. A common set of accounting standards and procedures are called a. financial accounting standards. 6. generally accepted accounting principles. c. objectives of financial reporting. d. statements of financial accounting concepts. 16. Which of the following is a general...
P 1-6 Matching Acronyms Required Listed on the following page are phrases with the appropriate acron letter that goes with each definition CHAPTER I Introduction to Financial Reporting 31 a. Generally accepted accounting principles (GAAP) b. Securities and Exchange Commission (SEC) c. Financial Reporting Releases (FRRs) d. American Institute of Certified Public Accountants (AICPA) e. Certified public accountants (CPAs) f. Accounting Principles Board (APB) Accounting Principles Board Statements (APBSs) i. Financial Accounting Standards Board (FASB) i. k. Financial Accounting Foundation...
Question Completion Status: Which of the following is NOT a part of generally accepted accounting principles? A FASB Accounting Standards Updates B. AICPA Research Analysis OC. CAP Accounting Research Buletins D.APB Opinions QUESTION 11 2.5 points Save Araw A statement of stockholders' equity includes a column for each of the following except A net income Bretained earnings C. Long-term Liabilities D. accumulated other comprehensive income QUESTION 12 1.5 points Save Answer Which organization issues Accounting Standards Updates? A. Financial Accounting...
Consider the following statement: Many people believe that the U.S. Generally Accepted Accounting Principles (GAAP) are a rules-based approach to setting standards, while the International Financial Reporting Standards (IFRS) are a principles-based approach. For your initial post, discuss the validity of this statement and give examples with academic support to justify your opinion.
The government body that has oversight responsibilities for all public companies traded on U.S. stock exchanges is A. The Securities and Exchange Commission (SEC) Congress C. The American Institute of Certified Public Accountants (AICPA) D. Public Company Oversight Board (PCAOB) B.
Accountants follow generally accepted auditing accounting standards and generally accepted accounting principles (GAAP). Distinguish between the GAAS and GAAP. What professional organization establishes the GAAS and what is its purpose? What professional organization establishes the GAAP? Can GAAS exist without GAAP and/or vice versa and why is this so? Do GAAS and GAAP have different agendas and why is each needed?