Identify and describe the two main groups involved in establishing generally accepted accounting principles.
What will be an ideal response?
The Financial Accounting Standards Board (FASB) is the private-sector group that has been delegated the task to set both the broad and specific principles of GAAP. The Securities and Exchange Commission (SEC) is a government agency that has the legal authority to set GAAP and oversees proper use of GAAP by companies that issue stock and debt to the public.
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______________is a person’s rank or position in an organization.
a. Leadership b. Title c. Status d. none of the above
Which assertion has the greatest emphasis when auditing accounts payable?
a. Existence. b. Completeness. c. Presentation. d. Disclosure.
Which of the following is true in the creation of a general partnership?
A) The business name has to have the names of all the partners. B) The business name cannot be a fictitious name. C) The business name selected by the partnership cannot indicate that it is a corporation. D) The business cannot operate under a trade name.
A union not being able to represent the employees until it has been verified as a result of a new representation election monitored by the National Labor Relations Board refers to a ________ union
A) decertified B) derecognized C) disengaged D) disestablished