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Questions and Answers
What are business transactions defined as?
What are business transactions defined as?
- Operations of the business entity
- Events or conditions that directly change an entity's financial condition (correct)
- Changes in business credit rating
- Personal activities that are related to the business
Which organization has the primary responsibility for developing accounting principles?
Which organization has the primary responsibility for developing accounting principles?
- Generally Accepted Accounting Principles (GAAP)
- Financial Accounting Standards Board (FASB) (correct)
- Securities Exchange Commission (SEC)
- Business Entity Concept
What is the purpose of Generally Accepted Accounting Principles (GAAP)?
What is the purpose of Generally Accepted Accounting Principles (GAAP)?
- To regulate personal activities
- To develop accounting principles
- To change an entity's financial condition
- To allow investors and users to compare different companies (correct)
Which organization publishes Statements of Financial Accounting Standards and Interpretations?
Which organization publishes Statements of Financial Accounting Standards and Interpretations?
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What is the primary responsibility of the Securities Exchange Commission (SEC)?
What is the primary responsibility of the Securities Exchange Commission (SEC)?
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