Intermediate Accounting Exam 1 Study Guide Questions and answers with Complete Solutions | 100% Pass

Intermediate Accounting Exam 1 Study Guide Questions and answers with Complete Solutions | 100% Pass GAAP (Generally Accepted Accounting Principles) - A common set of accounting standards and procedures are called IRFS includes both International Reporting Standards and International Accounting Standards - TRUE International Financial Reporting Standards preceded International Accounting Standards - TRUE The standard-setting structure used by the International Accounting Standards Board is very similar to that used by the Financial Accounting Standards Board. - TRUE The rules-based standards of IFRS are more detailed than the simpler, principles-based standards of GAAP - FALSE Accounting principles are "generally accepted" only when I. an authoritative accounting rule-making body has established it in an official pronouncement II. a given practice has been accepted as appropriate because of its universal application. - 1 AND 2