Us gaap - Study guides, Class notes & Summaries

The regulating body that oversees the development of accounting standards in the U.S. is: SFAS GAAP FASB IASB - answer - FASB formulates accounting standards through the issuance of Statements of Financial Accounting Standards (SFAS). These statements make up the body of accounting rules known as the Generally Accepted Accounting Principles (GAAP). IASB oversees international financial reporting standards (IFRS). Which of the following statements is TRUE? GAAP requires that firms show re...

IFRS exam 2 questions & answers 2024/2025 1. Which of the following standards will allow companies to choose between capitalizing and expensing borrowing costs incurred during the construction of a fixed asset? a. US GAAP b. IFRS c. Both US GAAP and IFRS. d. None of the above. - ANSWERSd 2. Which of the following standards allows a company to revalue its PP&E after acquisition? a. US GAAP b. IFRS c. Both US GAAP and IFRS. d. None of the above. - ANSWERSb 3. A French company repo...

D196- Principles of Financial and Managerial Accounting Questions and Answers Graded A bookkeeping day to day keeping of transcations steps of decision making identify issue gather information identify alternatives select option that most likely results in desired objective accounting analysis of events record and report financial effects of business activities where does capital come from (3) investors creditors(lenders) business itself (from earnings retained) 2 main types of accounting fi...

10-K vs. 10-Q Above vs. Below the Line Above the Line: Everything above Operating Income on the I/S that's tied to the core operations of a business Below the Line: Everything below Operating Income Accelerated Depreciation Method Methods that calculate a greater amount of depreciation in earlier years than later years Common Methods: Declining balance Sum of years digits Units of production The Accounting Equation Every transaction can be viewed as having two sides -- the source...

Accounting Crash Course V4 Wall Street Exam Prep Questions with complete Answers Latest Updated 2024/2025 | Scored A+. What is Accounting?: Accounting is the language of business; it is a standard set of rules for measuring a company's financial performance. Assessing a company's financial performance is important for: The firm's officers (managers and employees) Investors Lenders General public Standard financial statements serve as a "yardstick" of communicating financial performa...

All of the following are steps outlined by the Institute of Management Accountants (IMA) for resolving ethical conflicts except: Select one: a. None of these b. following the policies of the organization for resolving ethical conflicts c. consulting an objective advisor such as an attorney d. bringing the matter to the attention of local news agencies e. presenting the matter to the audit committee, if a satisfactory resolution is not reached by all higher levels of management - Answer- d...

IFRS Exam 1 Questions with 100% Correct Answers 2024/2025 Countries Adoption of IFRS - ANSWERSBrazil, Canada, China/Hong Kong, France, India, Japan, New Zealand How does IFRS affect me? - ANSWERS1. customer/vendors to mergers, contracts, and relationships 2. adoption of how to manage subsidiaries 3. cost saving, streamline non-US subs, financial reporting via shared services Pros of Adopting IFRS - ANSWERS1. US will have more say in standard 2. principle requires judgement actuall...

What is Accounting? Accounting is the language of business; it is a standard set of rules for measuring a company's financial performance. Assessing a company's financial performance is important for: The firm's officers (managers and employees) Investors Lenders General public Standard financial statements serve as a "yardstick" of communicating financial performance to the general public. Why is Accounting Important? Enables managers to make corporate decisions Enables the g...

Wall Street Prep Redbook Question and answers already passed What is the primary purpose of US GAAP? - correct answer In the US, the Securities and Exchange Commission ("SEC") authorizes the Financial Accounting Standards Board ("FASB") to determine the set of accounting rules followed by publicly traded companies. Under FASB, financial statements are required to be prepared in accordance with US Generally Accepted Accounting Principles ("US GAAP"). Through the standardization of ...

Financial Accounting Fundamentals Marco J. Malandra, CPA Learning Objectives 1. 2. 3. 4. 5. Language of Business: GAAP FS & CPA Audit The Format, Differences & Relationships of the FS The Logic of the Debit | Credit Chart The 3 Types of Entries & 2 Types of “Books” Chart of Accounts – 4 Characteristics for Each 3 Maxims of Financial Accounting What is the “Language of Business”? Identifying, measuring & communicating financial info about enti...