GAAP History MCQs

International Financial Reporting Standards (IFRS)

Generally Accepted Auditing Standards (GAAS)

Corporate governance standards

Generally Accepted Accounting Principles (GAAP)

Correct! Wrong!

To regulate securities markets

To audit financial statements

To enforce compliance with tax laws

To establish and improve generally accepted accounting principles (GAAP)

Correct! Wrong!

1973

1985

1959

1939

Correct! Wrong!

Committee on Accounting Procedure (CAP)

Securities and Exchange Commission (SEC)

Accounting Principles Board (APB)

Financial Accounting Standards Board (FASB)

Correct! Wrong!

It is an independent, private-sector organization

It is a government agency

It is responsible for international accounting standards

It works under the SEC to establish accounting standards

Correct! Wrong!

GAAP History MCQs

Excellent ***

Very Good **

Good *

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