Generally accepted accounting principles (GAAP) ________.
A) are a set of rules that a U.S.company must follow when preparing its financial statements
B) are accounting rules determined by the IRS
C) are accounting rules required by the U.S.government for all businesses to follow
D) are issued by the International Accounting Standards Board
Correct Answer:
Verified
Q11: Busy Beaver had revenues of $2,000,cost of
Q12: Busy Beaver had revenues of $2,000,cost of
Q13: Revenue minus expenses equals gross profit.
Q14: _ is more rule-based than _.
A)IFRS; U.S.GAAP
B)U)S.GAAP;
Q15: The FASB,or Financial Accounting Standards Board,is currently
Q17: _ are more concept-based than _.
A)IFRS; U.S.GAAP
B)U)S.GAAP;
Q18: The set of rules that a U.S.company
Q19: The SEC has _.
A)ordered all U.S.companies to
Q20: GAAP,or generally accepted accounting principles,are the rules
Q21: IFRS have fewer detailed rules than U.S.GAAP.
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