Generally accepted accounting principles

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Reference no: EM132002148

1. Explain the following concepts of the Generally Accepted Accounting Principles (GAAP)

A· Monetary denominator

B· Objective evidence and cost convention

C· Conservatism

D· The accrual concept

2. Linda goes to a store and buys a 60”HD television. Jennifer hires a company to clean her swimming pool once a week. The ________ governs Linda’s contract with the store and the ________ governs Jennifer’s contract with the pool cleaning company?

A. Common law: common law

B. Common law; UCC

C. UCC; common law

D. UCC; UCC

3. Angela makes a material misstatement of fact to Frances, which she relies on when she signs Angela’s contract. Fraud exists if Angela made the misstatement__________________

A. Intentionally

B. Recklessly

C. Carelessly

D. Both A & B

E. A & and B & C

Reference no: EM132002148

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