Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

15. GAAP vs IFRS

GAAP vs. IFRS: Introduction

Financial Accounting

15. GAAP vs IFRS

GAAP vs. IFRS: Introduction

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Multiple Choice

Generally Accepted Accounting Principles (GAAP) are currently formulated by the:

American Institute of Certified Public Accountants (AICPA)

Financial Accounting Standards Board (FASB)

International Accounting Standards Board (IASB)

Securities and Exchange Commission (SEC)

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Verified step by step guidance

Understand the concept of Generally Accepted Accounting Principles (GAAP), which are a set of rules and standards used in financial accounting and reporting.

Learn about the organizations involved in the formulation and oversight of accounting standards, such as the Financial Accounting Standards Board (FASB), the American Institute of Certified Public Accountants (AICPA), the International Accounting Standards Board (IASB), and the Securities and Exchange Commission (SEC).

Recognize that the Financial Accounting Standards Board (FASB) is the primary organization responsible for formulating GAAP in the United States.

Differentiate the roles of other organizations: AICPA provides guidance and professional standards for accountants, IASB formulates international accounting standards, and SEC oversees public companies and enforces compliance with GAAP.

Conclude that while multiple organizations contribute to the accounting framework, FASB is the correct answer as it is specifically tasked with developing and maintaining GAAP.