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

The accounting profession follows generally accepted accounting principles (GAAP) as defined by which of the following organizations?

Financial Accounting Standards Board (FASB)

International Accounting Standards Board (IASB)

Securities and Exchange Commission (SEC)

American Institute of Certified Public Accountants (AICPA)

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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 to ensure consistency, reliability, and comparability of financial statements.

Recognize that GAAP is primarily established and maintained by authoritative organizations that oversee accounting standards and practices.

Learn that the Financial Accounting Standards Board (FASB) is the primary organization responsible for defining and updating GAAP in the United States.

Understand the role of other organizations mentioned in the problem: the International Accounting Standards Board (IASB) develops International Financial Reporting Standards (IFRS), the Securities and Exchange Commission (SEC) oversees public companies and enforces compliance with GAAP, and the American Institute of Certified Public Accountants (AICPA) provides guidance and ethical standards for CPAs.

Conclude that while all these organizations play important roles in the accounting profession, the FASB is the organization specifically tasked with defining GAAP in the United States.