Which of the following is a major reason why corporate ownership is popular in the United States? A) Stockholders have limited liability for the debts of the corporation. B) Most corporations are small- or medium-sized. C) The life of a corporation is limited by the death of the owner. D) A corporation is usually managed […]
Date: September 2nd, 2020
The Financial Accounting Standards Board is a U.S. governmental agency that oversees the creation and governance of accounting standards. Indicate whether the statement is true or false ANSWER FALSE .The Financial Standards Board is a private organization.
Date: September 2nd, 2020
Which of the following organizations is responsible for the creation and governance of accounting standards in the United States? A) Financial Accounting Standards Board B) Institute of Management Accountants C) American Institute of Certified Public Accountants D) Securities and Exchange Commission ANSWER A
Date: September 2nd, 2020
The guidelines for accounting information are called Generally Accepted Accounting Principles (GAAP). Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
What are Generally Accepted Accounting Principles (GAAP)? Which entity is currently responsible for determining GAAP? What will be an ideal response ANSWER Generally Accepted Accounting Principles are the guidelines for accounting information, currently formulated by the Financial Accounting Standards Board (FASB). GAAP is the main U.S. accounting rule book.
Date: September 2nd, 2020
GAAP refer to guidelines for accounting information in the United States. The acronym GAAP in this statement refers to ________. A) Globally Accepted and Accurate Policies B) Global Accommodation Accounting Principles C) Generally Accredited Accounting Policies D) Generally Accepted Accounting Principles ANSWER D
Date: September 2nd, 2020
As per the economic entity assumption, an organization and its owners should be seen as the same entity. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Any person or business to whom a business owes money is called the business’s creditor. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
The primary objective of financial reporting is to provide information useful for making investment and lending decisions. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Managerial accounting provides information to ________. A) internal decision makers B) outside investors and lenders C) creditors D) taxing authorities ANSWER A
Date: September 2nd, 2020
