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Generally Accepted Accounting Principles: Quiz


Question 1: Many countries use or are converging on the ________ (IFRS), established and maintained by the International Accounting Standards Board.
International Financial Reporting StandardsFinancial Accounting Standards BoardBalance sheetFinancial statements

Question 2: GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of ________.
Financial statementsInternational Financial Reporting StandardsBalance sheetAnnual report

Question 3: This principle mitigates the principle of prudence: assets do not have to be accounted at their disposable value, but it is accepted that they are at their historical value (see ________ and going concern).
Amortization (business)Book valueDepreciationGoodwill (accounting)

Question 4: ________
U.S. Securities and Exchange CommissionGenerally Accepted Accounting Principles (United States)International Financial Reporting StandardsFinancial Accounting Standards Board


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