Which of the following bodies formulates the generally accepted accounting principles (GAAP)?
A) Accounting Disclosure Board
B) Financial Accounting Standards Board
C) Association of Certified Fraud Examiners
D) Securities and Exchange Commission
E) American Institute of Certified Public Accountants
Answer: B
Explanation: B) GAAPs are formulated by the Financial Accounting Standards Board (FASB) of the AICPA and should be used to determine whether a firm has controls to prevent errors and fraud.
You might also like to view...
Some investors think that the Rumple Shirt Co.'s repurchase program was a bad deal for shareholders, because the company paid too much for its repurchased shares
Before the repurchase, the company's shares traded for $30. Over the last quarter, Rumple repurchased 150 million shares (15% of shares outstanding) at an average price of $33 per share. Shares outstanding are now 850M. Calculate the stock price after the repurchase. If you bought 100 shares prior to the repurchase, and sold the same percentage of shares as Rumple repurchased (for the same price they paid), then what is your profit (loss) on the investment? (Assume that you sold the non-repurchased shares at the post-repurchase price.) A) -$52.94 B) -$26.02 C) $0 D) $45 E) $300
Which method is a good approximation to the more accurate proration method?
What will be an ideal response?