GAAP Review

The principles and procedures that together make up accepted accounting pratice at any given time are know as?

• International financial reporting standards

• Principle of periodicity

• Generally accepted accounting principles

• Time period principle

_______ is more an art than a science?

• Principle

• Accounting

• Procedures

• Gaap

On which assumption are financial statements prepared under Indian Gaap ?

• Add all sales and revenue then subtract out all expenses

• Accounting principles board

• Debit expenses, credit income

• Principle of conservatism

Various techniques used to discharge the functions of management accounting?

• Marginal costing

• Uniform costing

• Budgetary control

• All of the above

Set of accounting is called

• Accounting principle

• IFRS

• Financial accounting

• Gaap

How many basic accounting principles make up GAAP?

• 2

• 7

• 10

• 18

Number of GAAP assumptions?

• 1

• 9

• 4

• 6

Which of the following is Gaap constraints?

• Industry practices

• Matching

• Revenue/Expenses recognition

• None of the above

The main source of Gaap is ?

• Company law

• Accounting standards

• Both 1&2

• None of the above

What standards are used to prepare financial statements by most of the countries?

• Generally accepted accounting principles

• International financial accounting standards

• International risk reporting standards

• None of the above