7. Which of the following best describes generally accepted accounting principles?" A. The accounting principles have been formulated in the public sector. B. The accounting principles have been O developed on the basis of such factors as usage and practical necessity. C. The accounting principles are the same as laws. D. The accounting principles do not apply to SMES.

7. Which of the following best describes generally accepted accounting principles?" A. The accounting principles have been formulated in the public sector. B. The accounting principles have been O developed on the basis of such factors as usage and practical necessity. C. The accounting principles are the same as laws. D. The accounting principles do not apply to SMES.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The abbreviation for GAAP is Generally Accepted Accounting Principles. Select one alternative: True False
Hw.226. Give a detailed account what accounting theory stands for within the general framework and what student of accounting will miss if he/she does not study accounting theory?
Which of the following statements is false? O a. Managerial accounting does not need to conform to GAAP. O b. Managerial accounting sometimes relies on past information. Oc. There is no overlap between financial and managerial accounting. O d. Financial accounting must conform to GAAP.
Is accounting regulation here to stay? If so, why? If not, what event(s) do you thinkwould lead to the deregulation of accounting?
What is the purpose of an audit in accounting? How does it differ from other forms of accounting services such as consulting or tax preparation?
Which one of the following statements is false? O A. Management accounting reports tend to be specific. O B. Management accounting reports are produced as often as required. O C. Management accounting reports are subjected to the principles and practices of GAAP. O D. Management accounting reports are not required by law.
Which of the following statements is false? a.Financial accounting must conform to GAAP. b.Managerial accounting sometimes relies on past information. c.Managerial accounting does not need to conform to GAAP. d.There is no overlap between financial and managerial accounting.
What is the indirect effect of a change in accounting policy? Briefly describe the approach to reporting the indirect effects of a change in accounting policy under IFRS.
Which of the following statements are True? a) The financial statements are management's responsibility. b) Management is responsible for adopting sound accounting policies and establishing and maintaining internal control c) The fair presentation of financial statements in conformity with applicable financial reporting framework is an explicit and integral part of management's responsibility. Only b) and c) Only a) Only a) and b) All a) , b) and c)