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/

Home Page Social Science Economics Finance Generally Accepted Accounting Principles

Generally Accepted Accounting Principles Flashcards, test questions and answers

Discover flashcards, test exam answers, and assignments to help you learn more about Generally Accepted Accounting Principles and other subjects. Don’t miss the chance to use them for more effective college education. Use our database of questions and answers on Generally Accepted Accounting Principles and get quick solutions for your test.

We've found 39 Generally Accepted Accounting Principles tests

Accounting Financial Accounting Generally Accepted Accounting Principles

Managerial Accounting Exam #2 Test Questions – Flashcards 76 terms

Christine Brunetti

76 terms

Preview

Accounting Financial Accounting Generally Accepted Accounting Principles Intermediate Accounting 1

Chapter 1 Accounting multiple choice – Flashcards 70 terms

Daniel Jimmerson

70 terms

Preview

Accounting Accounting 1 Cash And Cash Equivalents Financial Accounting Generally Accepted Accounting Principles Intermediate Accounting 1

Chapter 1 – A Framework for Financial Accounting – Flashcards 18 terms

Robert Carter

18 terms

Preview

Accounting Generally Accepted Accounting Principles International Organizations Mergers And Acquisitions

Chapter 1: Financial Accounting and Accounting Standards – Flashcards 36 terms

Henry Lowe

36 terms

Preview

Finance Generally Accepted Accounting Principles

Accounting Principles 12th Ed. – Ch. 1 – Flashcards 104 terms

Sarah Taylor

104 terms

Preview

Accounting Enterprise Resource Planning System Finance Generally Accepted Accounting Principles Intermediate Accounting 1 Predictions About The Future Product Life Cycles Strategic And Tactical

Examen 1 de Cost Accounting – Flashcards 88 terms

Candace Young

88 terms

Preview

Accounting Financial Accounting Generally Accepted Accounting Principles Intermediate Accounting 1

Financial Accounting Chapter 1 study guide Part I – Flashcards 71 terms

Suzette Hendon

71 terms

Preview

Accounting Financial Accounting Financial Accounting Standards Board Generally Accepted Accounting Principles Intermediate Accounting 1

Acct Chapter 1 Questions And Answers – Flashcards 20 terms

Misty Porter

20 terms

Preview

Accounting Financial Accounting Financial Accounting Standards Board Generally Accepted Accounting Principles Post Closing Trial Balance Public Company Accounting Oversight Board

Test Answers on financial accounting Chapter 1 – Flashcards 90 terms