GAAP History MCQs

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!

Securities and Exchange Commission (SEC)

Committee on Accounting Procedure (CAP)

Financial Accounting Standards Board (FASB)

Accounting Principles Board (APB)

Correct! Wrong!

1959

1985

1939

1973

Correct! Wrong!

It is responsible for international accounting standards

It works under the SEC to establish accounting standards

It is a government agency

It is an independent, private-sector organization

Correct! Wrong!

International Financial Reporting Standards (IFRS)

Corporate governance standards

Generally Accepted Accounting Principles (GAAP)

Generally Accepted Auditing Standards (GAAS)

Correct! Wrong!

GAAP History MCQs

Excellent ***

Very Good **

Good *

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