객관식
Which of the following best describes the current practice in accounting for leases under GAAP and IFRS?
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15. GAAP vs IFRS
GAAP vs. IFRS: Introduction
객관식
Which of the following best describes GAAP and the organization responsible for overseeing its development in the United States?
A
GAAP stands for Generally Accepted Auditing Principles and is overseen by the Public Company Accounting Oversight Board (PCAOB).
B
GAAP stands for Governmental Accounting and Auditing Practices and is overseen by the International Accounting Standards Board (IASB).
C
GAAP stands for Generally Accepted Accounting Principles and is overseen by the Financial Accounting Standards Board (FASB).
D
GAAP stands for General Accounting and Auditing Policies and is overseen by the Securities and Exchange Commission (SEC).
검증된 단계별 안내1
Understand the term GAAP: GAAP stands for Generally Accepted Accounting Principles. It is a set of rules and standards used in financial accounting to ensure consistency, transparency, and comparability of financial statements.
Identify the organization responsible for overseeing GAAP in the United States: The Financial Accounting Standards Board (FASB) is the primary organization responsible for developing and overseeing GAAP.
Eliminate incorrect options: Review each option provided in the problem and eliminate those that incorrectly define GAAP or misidentify the overseeing organization.
Focus on the correct definition: The correct description of GAAP is that it stands for Generally Accepted Accounting Principles and is overseen by the Financial Accounting Standards Board (FASB).
Verify your understanding: Ensure that you understand why the other options are incorrect (e.g., PCAOB oversees auditing standards, not GAAP; IASB oversees international standards, not U.S. GAAP; SEC enforces GAAP but does not develop it).
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