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Financial Accounting Standards & Reporting Exam Questions with 100% Correct Answers
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Financial Accounting Standards & Reporting Exam Questions with 100% Correct Answers Function & Primary Focus of Financial Accounting - Providing relevant financial information to external users for decision-making. Difference between Cash Accounting & Accrual Accounting - Cash accounting reco...

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  • November 15, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Financial
  • Financial

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JOSHCLAY

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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Financial Accounting Standards &

Reporting Exam Questions with 100%

Correct Answers


Function & Primary Focus of Financial Accounting - ✔✔Providing relevant

financial information to external users for decision-making.

Difference between Cash Accounting & Accrual Accounting - ✔✔Cash

accounting records transactions based on cash flow, while accrual

accounting recognizes revenue when earned and expenses when incurred.

GAAP & Historical Development of Accounting Standards - ✔✔GAAP are

guidelines for financial reporting; SEC delegates standard-setting to FASB

in the US, while IASB sets global standards.

Establishing Accounting Standards as a Political Process - ✔✔Due to

various interests and influences, the process of setting accounting

standards is considered political.

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Factors Encouraging High Quality Financial Reporting - ✔✔Incentives such

as transparency, accuracy, and comparability promote high-quality financial

reporting.

Purpose of the Conceptual Framework - ✔✔The conceptual framework

guides the development of accounting standards and ensures consistency

in financial reporting.

Characteristics of Financial Reporting Information - ✔✔Financial reporting

provides data on assets, liabilities, equity, revenues, expenses, gains, and

losses to aid decision-making.

Four Basic Assumptions Underlying GAAP - ✔✔GAAP assumptions

include economic entity, going concern, monetary unit, and periodicity.

Recognition, Measurement & Disclosure Concepts in Accounting -

✔✔Guiding principles for identifying, quantifying, and reporting economic

events in financial statements.

Evolving GAAP - ✔✔Refers to the ongoing changes and updates in

accounting standards to adapt to new business practices and

environments.

Main Differences Between U.S. GAAP and IFRS - ✔✔Distinct variations in

accounting principles and reporting requirements between US Generally

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