The rule setting body, which authorizes generally accepted accounting principles is _______.

*Federal Accounting Standards Board (FASB)* (Ch.3; pg. 60) More test answers on https://studyhippo.com/principles-of-finance-chapters-1-4/

Just for good measure, what’s the definition of GAAP (Generally Accepted Accounting Principles)

Rules that govern how transactions are valued, recorded, and how financial information is presented More test answers on https://studyhippo.com/managerial-accounting-chapter-1-1-56752/

Managerial accounting information is limited or restricted by which of the following authorities or principles? A. Securities and Exchange Commission B. Generally Accepted Accounting Principles C. Managerial Accounting Standards Board D. Value-Added Principle

C. Managerial Accounting Standards Board More test answers on https://studyhippo.com/chapter-10-management-accounting/

A responsibility report should A. only show variable costs. B. be prepared in accordance with generally accepted accounting principles. C. show only those costs that a manager can control. D. only be prepared at the highest level of managerial responsibility.

C. show only those costs that a manager can control. More test answers on https://studyhippo.com/acc-chpt-10/

Which organization has primary responsibility for developing United States’ generally accepted accounting principles? a. American Institute of Certified Public Accountants b. financial accounting standards board c. securities and exchange commission d. internal revenue service

b. financial accounting standards board More test answers on https://studyhippo.com/financial-accounting-midterm-1-multiple-choice/

Which one of these sets forth the common set of standards and procedures by which audited financial statements are prepared? The Matching Principle. The Cash Flow Identity. Generally Accepted Accounting Principles. Financial Accounting Reporting Principles. Standard Accounting Value Guidelines.

Generally Accepted Accounting Principles. More test answers on https://studyhippo.com/fin-3403-chapter-2/

The auditor’s judgment concerning the overall fairness of the presentation of financial position, results of operations, and cash flows is applied wishing the framework of A. Quality control B. Generally accepted auditing standards, which include the concept of materiality C. The auditor’s assessment of the risk of material misstatement D. Generally accepted accounting principles

D. Generally accepted accounting principles More test answers on https://studyhippo.com/audit-chapter-12/

A responsibility report should Entry field with correct answer only be prepared at the highest level of managerial responsibility. show only those costs that a manager can control. be prepared in accordance with generally accepted accounting principles. only show variable costs.

show only those costs that a manager can control. More test answers on https://studyhippo.com/acc202-ch-10/

Which of the following is true regarding managerial accounting? a. Its primary focus is on providing information to external users. b. It must be prepared according to generally accepted accounting principles. c. It is less flexible than financial accounting. d. It often emphasizes segments rather than the organization as a whole.

d. It often emphasizes segments rather than the organization as a whole. More test answers on https://studyhippo.com/accounting-cengage-practice-problems-56587/

Which of the following statements about the accrual basis of accounting is false? (a) Events that change a company’s financial statements are recorded in the periods in which the events occur. (b) Revenue is recognized in the period in which services are performed. (c) This basis is in accord with generally accepted accounting principles. (d) Revenue is recorded only when cash is received, and expense is recorded only when cash is paid.

(d) Revenue is recorded only when cash is received, and expense is recorded only when cash is paid. More test answers on https://studyhippo.com/ch-3-adjusting-the-accounts/

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