Reference no: EM132660089
Problem 1) The group that sets international preferred accounting practices is called the:
A. AICPA.
B. IASB.
C. CAP.
D. SEC.
Problem 2) The Securities and Exchange Commission (SEC) has given the task of setting GAAP to the:
A. APB.
B. FASB.
C. AAA.
D. AICPA.
E. IASB.
Problem 3) The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the:
A. Going-concern assumption.
B. Business entity assumption.
C. Objectivity principle.
D. Measurement (Cost) Principle.
E. Monetary unit assumption.
Problem 4) The question of when revenue should be recognized on the income statement according to GAAP is addressed by the:
A. Revenue recognition principle.
B. Going-concern assumption.
C. Objectivity principle.
D. Business entity assumption.
E. Measurement (Cost) principle.
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