Homework Answers
Option B is false.
Generally accepted accounting principles (GAAP) vary from
country-to-country
Add Answer to:
о в. us. Generaly Accepted Accounting Principles are used by many countries around the world. O...
Which statement is FALSE? O A. The most commonly used accounting practices are essentially the same...
Which statement is FALSE? O A. The most commonly used accounting practices are essentially the same under both U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards O B. Interational Financial Reporting Standards are used by most countries around the world. C. For many years, U.S. Generally Accepted Accounting Principles were considered to be the strongest single set of accounting standards in the world OD. U.S. Generally Accepted Accounting Principles are used by many countries around the world. 10...
Consider the following statement: Many people believe that the U.S. Generally Accepted Accounting Principles (GAAP) are...
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.
Standard Setting Evidence shows that in some countries there is a preference for rules-based accounting standards...
Standard Setting Evidence shows that in some countries there is a preference for rules-based accounting standards whereas in other countries there is a preference for principle-based accounting standards. For example, U.S Generally Accepted Accounting Principles are said to be rulesbased, and German accounting principles form part of the German legal authoritative body in terms of which companies are required to conform with the German legal authoritative body. Contrasting with the US and Germany, Australian accounting standards conforming with International Financial...
14. Accounting principles are "generally accepted" only when a. an authoritative accounting rule-making body has established...
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...
QUESTION 26 Which of the following organizations issues accounting standards for countries outside the United States?...
QUESTION 26 Which of the following organizations issues accounting standards for countries outside the United States? A. GAAP OB. SEC OC. FASB O DIASB QUESTION 27 Generally accepted accounting principles A. are sound in theory but rarely used in real life. OB. are accounting rules formulated by the Internal Revenue Service. C. have eliminated all errors in accounting, D. are accounting rules that are recognized as a general guide for financial reporting. QUESTION 28 The agency of the United States...
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility....
Assignment
Questions:
1.
One of the
differences between Managerial Accounting and Financial Accounting
is reporting flexibility. Financial reporting is restricted by
Generally Accepted Accounting Principles whereas reporting in
Managerial Accounting has fewer rules.
a)
Why is it
permissible to violate Generally Accepted Accounting Principles
when preparing reports used strictly by company
management?
b)
Should external
users always have the same information as internal users?
Explain.
2.
The United States
uses accounting standards developed by the Financial Accounting
Standards Board (FASB)...
QUESTION 13 Activity-based costing systems conform to Generally Accepted Accounting Principles and can therefore be used...
QUESTION 13 Activity-based costing systems conform to Generally Accepted Accounting Principles and can therefore be used for both internal and external reporting. O True O False QUESTION 14 Hane Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products: Activity Cost Pools Activity Rate Assembling products.... Processing customer orders... Setting up batches... $8.90 $31.23 $43.72 per assembly hour per customer order per batch Data for one of the company's products follow: Product U94W Number...
Which of the following is a benefit of the convergence between US GAAP and IFRS? Group...
Which of the following is a benefit of the convergence between US GAAP and IFRS? Group of answer choices B. All companies now have a choice between different sets of financial reporting standards C. The IASB and FASB use the exact same conceptual framework to generate accounting standards D. All companies will produce financial statements in English A. Increased comparability between financial statements produced in different countries As a result of the convergence efforts since 2007: Group of answer choices...
FINANCIAL ACCOUNTING
Question 1: Alameda Corporation has paid 60 consecutive quarterly cash dividends (15 years’ worth). The last six months have been a real cash drain on the company, however, as profit margins have been greatly narrowed by increasing competition.With a cash balance that is only enough to meet day-to-day operating needs, the president, Vince Ramsey, has decided that a stock dividend instead of a cash dividend should be declared. He tells Alameda’s financial vice-president, Janice Rahn, to issue a press release...
Question 46 Which of the following accounts is a liability? Accounts Receivable Service Revenue Accounts Payable...
Question 46 Which of the following accounts is a liability? Accounts Receivable Service Revenue Accounts Payable Wages Expense Question 44 Transactions affecting stockholders' equity include capital contributions and payment of liabilities stockholder dividends, earning of revenues, incurrence of expenses, and purchase of supplies on account capital contributions, stockholder dividends, earning of revenues, and incurrence of expenses capital contributions, earning of revenues, incurrence of expenses, and collection of accounts receivable Question 43 Expenses are recorded when cash is paid for services...
Which statement is FALSE? O A. The most commonly used accounting practices are essentially the same under both U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards O B. Interational Financial Reporting Standards are used by most countries around the world. C. For many years, U.S. Generally Accepted Accounting Principles were considered to be the strongest single set of accounting standards in the world OD. U.S. Generally Accepted Accounting Principles are used by many countries around the world. 10...
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...
QUESTION 26 Which of the following organizations issues accounting standards for countries outside the United States? A. GAAP OB. SEC OC. FASB O DIASB QUESTION 27 Generally accepted accounting principles A. are sound in theory but rarely used in real life. OB. are accounting rules formulated by the Internal Revenue Service. C. have eliminated all errors in accounting, D. are accounting rules that are recognized as a general guide for financial reporting. QUESTION 28 The agency of the United States...
Assignment
Questions:
1.
One of the
differences between Managerial Accounting and Financial Accounting
is reporting flexibility. Financial reporting is restricted by
Generally Accepted Accounting Principles whereas reporting in
Managerial Accounting has fewer rules.
a)
Why is it
permissible to violate Generally Accepted Accounting Principles
when preparing reports used strictly by company
management?
b)
Should external
users always have the same information as internal users?
Explain.
2.
The United States
uses accounting standards developed by the Financial Accounting
Standards Board (FASB)...
QUESTION 13 Activity-based costing systems conform to Generally Accepted Accounting Principles and can therefore be used for both internal and external reporting. O True O False QUESTION 14 Hane Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products: Activity Cost Pools Activity Rate Assembling products.... Processing customer orders... Setting up batches... $8.90 $31.23 $43.72 per assembly hour per customer order per batch Data for one of the company's products follow: Product U94W Number...
Question 46 Which of the following accounts is a liability? Accounts Receivable Service Revenue Accounts Payable Wages Expense Question 44 Transactions affecting stockholders' equity include capital contributions and payment of liabilities stockholder dividends, earning of revenues, incurrence of expenses, and purchase of supplies on account capital contributions, stockholder dividends, earning of revenues, and incurrence of expenses capital contributions, earning of revenues, incurrence of expenses, and collection of accounts receivable Question 43 Expenses are recorded when cash is paid for services...
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