Chapter 14: Company financial statements under UK GAAP

Question 1

What does GAAP stand for?

Answer 1

Generally Accepted Accounting Practice

Question 2

In the UK who is responsible for the preparation of company annual financial statements?

Answer 2

The board of directors: By law it is the board of directors that is responsible for preparing financial statements

Question 3

True or false: Creditors falling due after more than one year are equivalent to current liabilities

Answer 3

False: Creditors falling due after more than one year are non-current liabilities

Question 4

True or false: Non-current assets are equivalent to fixed assets

Answer 4

True