Financial Accounting

Financial Accounting exam questions and answers

Harold Averkamp, CPA, MBAGAAP is the acronym for generally accepted accounting principles. In the U.S. that means

  1. the basic accounting principles and guidelines such as the cost principle, matching principle, full disclosure, etc.,
  2. the detailed standards and other rules issued by the Financial Accounting Standards Board (FASB) and its predecessor the Accounting Principles Board, and
  3. generally accepted industry practices.

GAAP must be adhered to when a company distributes its financial statements outside of the company. If a corporation's stock is publicly traded, the financial statements must also adhere to rules established by the U.S. Securities and Exchange Commission (SEC). This includes having its financial statements audited by an independent CPA firm.

Studies show that exam questions are a great way to learn and retain important information. Gain access to our 1, 700 accounting exam questions (and answers) when you upgrade to PRO.

University

YOU MIGHT ALSO LIKE
Free [PDF] Downlaod Financial Accounting Exam Questions
Free [PDF] Downlaod Financial Accounting Exam Questions ...
Top 9 accounting manager interview questions and answers
Top 9 accounting manager interview questions and answers
Download Financial Accounting Exam Questions and
Download Financial Accounting Exam Questions and ...
Share this Post

Related posts

Financial Accounting Test questions

Financial Accounting Test questions

DECEMBER 24, 2024

Here is a free basic accounting test to check your understanding of the section on the basic accounting concepts. This quiz…

Read More
Financial Accounting 1 Past Exam Papers

Financial Accounting 1 Past Exam Papers

DECEMBER 24, 2024

Resources you will find useful when you re studying for the ACA exams. Study resources Select the relevant module below to…

Read More