Question

True or False? In the United States, financial statements intended for external purposes must follow generally...

True or False? In the United States, financial statements intended for external purposes must follow generally accepted accounting principles (GAAP). The treatment of equipment leases in financial statements used for external purposes falls under GAAP. True False

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The financial statements of a United States public company are most likely to follow: Quality control...
The financial statements of a United States public company are most likely to follow: Quality control standards. Public Company Accounting Oversight Board Principles. Generally accepted accounting principles. International Standards of Auditing.
GAAP refers to guidelines for accounting information in the United States. The acronym GAAP in this...
GAAP refers to guidelines for accounting information in the United States. The acronym GAAP in this statement refers to: True or False: The accounting guidelines required in the United States are called Generally Accepted Accounting Principles (GAAP). True or False: IFRS are a global set of accounting standards; however, these standards are not yet utilized in any country. True or False: IFRS are established by the Financial Accounting Standards Board (FASB). The acronym IFRS standards for: True or False: Both...
When preparing financial statements under Generally Accepted Accounting Principles (GAAP) we have a measurement or dollar...
When preparing financial statements under Generally Accepted Accounting Principles (GAAP) we have a measurement or dollar valuation issues we must always consider. It is called “Conservatism”. What is conservatism in accounting and how does it work? What impact does this issue have on the preparation of the GAAP basis financial statements?
1. The standards, procedures, and principles companies must follow when preparing their financial statements are known...
1. The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? a. generally accepted accounting principles (GAAP) b. Financial Accounting Standards Board (FASB) c. Securities and Exchange Commission (SEC) d. conceptual framework 2. Which of these events will not be recognized? a. A copy machine is ordered. It will be delivered in two weeks. b. A service is performed, but the payment is not collected on the same day. c....
When preparing external financial statements that are in accordance with generally accepted accounting principles, the minimum...
When preparing external financial statements that are in accordance with generally accepted accounting principles, the minimum financial report will include A. Basic financial statements, management's discussion and analysis, and other required supplementary information. B. Only the financial section of a comprehensive annual financial report. C. Basic financial statements only. D. A comprehensive annual financial report.
Audits of governments' financial statements are performed to determine if the financial statements are correct and...
Audits of governments' financial statements are performed to determine if the financial statements are correct and in accordance with generally accepted accounting principles, but not to determine if there is compliance with laws and regulations. True False
A(n) ________ is an auditor's opinion that states that the financial statements are fairly represented except...
A(n) ________ is an auditor's opinion that states that the financial statements are fairly represented except for, or subject to, a departure from Generally Accepted Accounting Principles (GAAPs), a change in accounting principles, or a material uncertainty. A. qualified opinion B. adverse opinion C. disclaimer of opinion D. unqualified opinion
Which of the following is true about pro-forma financial statements? a. Pro-forma financial statements are not...
Which of the following is true about pro-forma financial statements? a. Pro-forma financial statements are not required to follow GAAP. b. Pro-forma financial statements CANNOT use future revenue projections when being prepared. c. Pro-forma financial statements are a consolidation of line items from the balance sheet and income statement. d. Pro-forma financial statements must follow accounting standards set forth by the Accounting Association Board.
1. The main objective for all businesses is to maximize unrealized profits. True False 2. About...
1. The main objective for all businesses is to maximize unrealized profits. True False 2. About 90% of the businesses in the United States are organized as corporations. True False 3. The Financial Accounting Standards Board (FASB) is the authoritative body that has primary responsibility for developing accounting principles. True False 4. Generally accepted accounting principles regulate how and what financial information is reported by businesses. True False 5. If total assets increased by $190,000 during a specific period and...
In order to ensure that information is useful to investors and other external users, Generally Accepted...
In order to ensure that information is useful to investors and other external users, Generally Accepted Accounting Principles have been established. To quickly summarize some of the accounting concepts and/or principles that apply to the accounting process, there are the following: Business entity principle - states that a business is accounted for separately from other business entities, including its owner. Going concern concept - states that the accounting information needs to reflect an assumption that the business will continue operating...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT