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Accounting Principles and Business Transactions Quiz

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Accounting Principles and Business Transactions Quiz

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Questions and Answers

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?

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)?

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?

<p>Financial Accounting Standards Board (FASB) (A)</p> Signup and view all the answers

What is the primary responsibility of the Securities Exchange Commission (SEC)?

<p>Regulating the securities industry (B)</p> Signup and view all the answers

Accounting Principles and Business Transactions Quiz

Choose a study mode

Podcast

Questions and Answers

What are business transactions defined as?

Which organization has the primary responsibility for developing accounting principles?

What is the purpose of Generally Accepted Accounting Principles (GAAP)?

Which organization publishes Statements of Financial Accounting Standards and Interpretations?

What is the primary responsibility of the Securities Exchange Commission (SEC)?

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