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Generally accepted accounting principles​ (GAAPs) are currently formulated by the

a. Financial Accounting Standard Board (FASB)

b. Securities and Exchange Commission (SEC)

c. Institute of Management Accountants (IMA)

d. American Institute of Certified Public Accountants (AICPA)

 

 

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Patrina Schowalter
Patrina SchowalterLv2
20 May 2020
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Related questions

1 – Securities Exchange Commission (source: BYP4-5 of Kimmeltextbook)

What event spurred the creation of the SEC? Why was the SECcreated?

What are the five divisions of the SEC? Briefly describe thepurpose of each.

What are the responsibilities of the chief accountant?

2. Financial Accounting Standards Board (source: BYP7-5 Kimmeltextbook). The FASB is a U.S. private organization established toimprove accounting standards and financial reporting. The FASBconducts extensive research before issuing a "Statement ofFinancial Accounting Standards," which represents an authoritativeexpression of generally accepted accounting principles.

What is the mission of the FASB? (Hint: Select Facts aboutFASB.)

How is a standard created? (Hint: See Standard SettingProcess.)

Describe the make-up of the board members. (Hint: Select BoardMembers.)

3. Public Company Accounting Oversight Board (PCAOB) (source:PYP7-6 Kimmel textbook.) The PCAOB was created as a result of theSarbanes-Oxley Act. It has oversight and enforcementresponsibilities over CPA firms in the United States.

What is the mission of the PCAOB?

Briefly summarize its responsibilities related toenforcement.

20/21 mid

The most significant current source of generally acceptedaccounting principles is the:

a.

New York Stock Exchange.
b.

Accounting Principles Board.
c.

Accounting Research Studies.
d.

AICPA committee on Accounting Procedure.
e.

Financial Accounting Standards Board.

1) Fred and Barney agree while talking on the phone to form apartnership. Their partnership agreement is legally binding

a. only if it is subsequently put in writing

b. only if a subsequent writing is filed with the state

c. only if each partner gives consideration to the other

d. without any further measures

2) Hillary, a partner in an LLC, owes $100,000 personally toseveral creditors. To satisfy these debts, the creditors may obtainan order entitling them to:

a. Hillary's profits as a partner

b. Hillary's interest in partnership assets

c. both a and b

d. none of the above

3) Generally accepted accounting principles that can determinewhether an accountant is negligent, are determined by rules,releases and pronouncements of

a. the Securities and Exchange Commission

b. the American Institute of Certified Public Accountants

c. the Financial Accounting Standards Board

d. all of the above

4) How is Apparent authority created?

a. By perceptions of third parties that have been created by theprincipal

b. By agreement

c. By implication

d. By either agreement or implication

5) Schuh hired Jack for six months as an assistant sales managerat $4000 a month plus 3% of sales.

a. The agreement must be in writing and signed by the party tobe charged.

b. This is an independent contractor agreement

c. Jack must disclose to Schuh any interests that are adverse toSchuh's business

d. Jack can be dismissed at any time during the six month periodof employment

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