Questions from Financial Accounting

Q: What is meant by GAAP? Why should companies follow GAAP in

What is meant by GAAP? Why should companies follow GAAP in reporting to external users?

Q: Which body is primarily responsible for the establishment of GAAP in the

Which body is primarily responsible for the establishment of GAAP in the United States? What body serves this function on an international basis?

Q: In general terms, explain the terms U.S. GAAP

In general terms, explain the terms U.S. GAAP and IFRS.

Q: What was the primary reason for the establishment of the 1933 Securities

What was the primary reason for the establishment of the 1933 Securities Act and the 1934 Securities Exchange Act? What power does the Securities and Exchange Commission (SEC) have?

Q: What is the role of the auditor in the financial reporting process

What is the role of the auditor in the financial reporting process?

Q: What is the basic difference between financial accounting and managerial accounting?

What is the basic difference between financial accounting and managerial accounting?

Q: What are the two primary functions of financial accounting?

What are the two primary functions of financial accounting?

Q: What are the three basic business activities that financial accounting seeks to

What are the three basic business activities that financial accounting seeks to measure and communicate to external parties? Define each.

Q: Major League Products provides merchandise carrying the logos of each fan’s favorite

Major League Products provides merchandise carrying the logos of each fan’s favorite major league team. In recent years, the company has struggled to compete against new Internet- based companies sell...

Q: What are a few of the typical financing activities for a company

What are a few of the typical financing activities for a company like United Parcel Service, Inc. (UPS), the world’s largest package delivery company and a leading global provider of specialized trans...