Podcast
Questions and Answers
What is the default accounting standard used by companies based in the United States?
What is the default accounting standard used by companies based in the United States?
- U.S. GAAP (correct)
- FASB
- XBRL
- IFRS
Who publishes and maintains the Accounting Standards Codification (ASC), which is the single source of authoritative nongovernmental U.S. GAAP?
Who publishes and maintains the Accounting Standards Codification (ASC), which is the single source of authoritative nongovernmental U.S. GAAP?
- FASB (correct)
- SEC
- IASB
- IFRS Foundation
What is the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities?
What is the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities?
- FASB (correct)
- SEC Rules
- XBRL
- IFRS
Which organization issues Staff Accounting Bulletins that represent practices followed by the staff in administering SEC disclosure requirements?
Which organization issues Staff Accounting Bulletins that represent practices followed by the staff in administering SEC disclosure requirements?
Who utilizes SEC Staff Announcements and Observer comments made at Emerging Issues Task Force meetings to publicly announce its views on certain accounting issues for SEC registrants?
Who utilizes SEC Staff Announcements and Observer comments made at Emerging Issues Task Force meetings to publicly announce its views on certain accounting issues for SEC registrants?
In which year did the FASB publish U.S. GAAP in Extensible Business Reporting Language (XBRL)?
In which year did the FASB publish U.S. GAAP in Extensible Business Reporting Language (XBRL)?
What is the purpose of an Accounting Standards Update (ASU)?
What is the purpose of an Accounting Standards Update (ASU)?
Which principle requires companies to account and report assets and liabilities acquisition costs rather than fair market value?
Which principle requires companies to account and report assets and liabilities acquisition costs rather than fair market value?
What does the Time-period principle imply?
What does the Time-period principle imply?
What does the Business Entity assumption assume?
What does the Business Entity assumption assume?
What does the Revenue recognition principle hold?
What does the Revenue recognition principle hold?
Which assumption validates the methods of asset capitalization, depreciation, and amortization?
Which assumption validates the methods of asset capitalization, depreciation, and amortization?
What is the purpose of FASB Concepts Statements?
What is the purpose of FASB Concepts Statements?
What are ASUs?
What are ASUs?
What does the Monetary Unit principle assume?
What does the Monetary Unit principle assume?
What is not applicable under the Going Concern assumption?
What is not applicable under the Going Concern assumption?
