Chapter 1 - Responsibilities for the Accounting Communication Process Flashcards
1
Q
GAAP stands for?
A
Generally Accepted Accounting Principles
2
Q
The organization responsible for establishing generally accepted accounting principles?
A
FASB - The Financial Account Standards Board
3
Q
The Official pronouncements of FASB are?
A
The official pronouncements of FASB are called the FASB ACCOUNTING STANDARDS CODIFICATION
4
Q
Most companies list assets in order of what?
A
Most companies list assets in order of liquidity
