NAFTrack Test Accounting Exam
Questions & Answers 2023/2024
IRS - ANSWER-Internal revenue service; collects taxes and has powers of enforcements
FASB - ANSWER-Financial Accounting Standards Board; Private, nonprofit that develops standards for
GAAP
GAAP - ANSWER-General Accenpting Accounting Principles; Accounting guidelines used to create laws to
protect individuals
SEC - ANSWER-Securities Exchange Commission; Protects investors and helps markets run smoothly
AICPA - ANSWER-American Institute of CPAs; Creates and administers CPA exam and audit standards;
develops behavioral guidelines
PCAOB - ANSWER-Public Company Accounting Oversight Board; Protects investors and oversees audits of
public companies
IFRS - ANSWER-International Financial Reporting Standards; Eases financial reporting from EU countries
Principle of Regularity - ANSWER-principle to ensure consistency (same principles as always)
Principle of Sincerity - ANSWER-statements are honest and accurate
Principle of Permanence of Methods - ANSWER-Analysis of composition
Principles of Noncompensation - ANSWER-complete discolsure of truth, no fake items
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