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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which organization is responsible for establishing U.S. Generally Accepted Accounting Principles (GAAP)?

Securities and Exchange Commission (SEC)

International Accounting Standards Board (IASB)

Financial Accounting Standards Board (FASB)

American Institute of Certified Public Accountants (AICPA)

Previous problemNext problem

Verified step by step guidance

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

Learn about the role of the Financial Accounting Standards Board (FASB), which is the organization responsible for establishing and improving GAAP in the U.S.

Differentiate between the FASB and other organizations mentioned in the problem: the SEC oversees the enforcement of financial reporting standards, the IASB develops international accounting standards, and the AICPA provides guidance and resources for CPAs but does not establish GAAP.

Recognize that the FASB is the authoritative body tasked with creating and updating accounting standards to ensure consistency and transparency in financial reporting.

Conclude that the correct answer to the question is the Financial Accounting Standards Board (FASB), as it is the organization responsible for establishing U.S. GAAP.