GAAP History MCQs

It is a government agency

It is responsible for international accounting standards

It works under the SEC to establish accounting standards

It is an independent, private-sector organization

Correct! Wrong!

Securities and Exchange Commission (SEC)

Accounting Principles Board (APB)

Committee on Accounting Procedure (CAP)

Financial Accounting Standards Board (FASB)

Correct! Wrong!

To enforce compliance with tax laws

To regulate securities markets

To audit financial statements

To establish and improve generally accepted accounting principles (GAAP)

Correct! Wrong!

Corporate governance standards

International Financial Reporting Standards (IFRS)

Generally Accepted Accounting Principles (GAAP)

Generally Accepted Auditing Standards (GAAS)

Correct! Wrong!

1939

1973

1985

1959

Correct! Wrong!

GAAP History MCQs

Excellent ***

Very Good **

Good *

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