Intermediate Accounting Final Exam (2024) || With Complete Questions & Answers (Graded A+)
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Course
Intermediate Accounting
Institution
Intermediate Accounting
Intermediate Accounting Final Exam (2024) || With Complete Questions & Answers (Graded A+)
Intermediate Accounting Final Exam (2024) || With Complete Questions & Answers (Graded A+)
The common set of accounting standards and procedures - ANSWER - Generally Accepted Accounting Principles (GAAP)
...
Intermediate
2024 Accounting Final Exam
(2024) || With Complete
Questions & Answers
(Graded A+)
Conceptial Research ||
conceptialresearch@gmail.com
, Intermediate Accounting Final Exam
(2024) || With Complete Questions &
Answers (Graded A+)
The common set of accounting standards and procedures - ANSWER - Generally
Accepted Accounting Principles (GAAP)
Means either than an authoritative accounting rule-making body has established a
principle or reporting in a given area or that over time a given practice has been
accepted as appropriate because of its universal application - ANSWER - "Generally
accepted"
Who are the parties involved in standard-setting? - ANSWER - 1. SEC
2. AICPA
3. FASB
Established by the federal government to help develop and standardize financial
information present to stockholders - ANSWER - Securities and Exchange
Commission (SEC)
A federal agency that administers the Securities Exchange Act of 1934 - ANSWER -
SEC
The SEC requires registrants to adhere to _____. - ANSWER - GAAP
The SEC relies on _____ to develop accounting standards. - ANSWER - FASB
The national professional organization of practicing CPAs and an important
contributor to the development of GAAP - ANSWER - American Institute of Certified
Public Accountants (AICPA)
A group appointed by the AICPA that is composed to practicing CPAs who issued 51
Accounting Research Bulletins during the years of 1939 to 1959 - ANSWER -
Committee on Accounting Procedure (CAP)
Dealt with a variety of accounting problems, but failed to provide the needed
structured body of accounting principles - ANSWER - Accounting Research Bulletins
Created by the AICPA in response to the failure of Accounting Research Bulletins -
ANSWER - Accounting Principles Board (APB)
Major purposes were to advance the written expression of accounting principles and
determined appropriate practices, and narrow the areas of difference and
inconsistent in practice - ANSWER - APB
The Board's official pronouncements intended to be based mainly on research
studies and be supported by reason and analysis - ANSWER - APB opinions
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