Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 2 - A Further Look at Financial Statements - Brief Exercises - Page 75: BE2-7

Answer

a) True b) False

Work Step by Step

Companies using GAAP have created their financial statements using the same set of rules. GAAP covers a broad array of topics, including: •Financial statement presentation •Assets •Liabilities •Equity •Revenue •Expenses •Business combinations •Fair value •Foreign currency •Leases •Non-monetary transactions b) GAAP comes from only FASB
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