NAFTrack Test Accounting Exam Questions & Answers 2023/2024

NAFTrack Test Accounting Exam
Questions & Answers 2023/2024

IRS - ANSWER-Internal revenue service; collects taxes and has powers of enforcements



FASB - ANSWER-Financial Accounting Standards Board; Private, nonprofit that develops standards for
GAAP



GAAP - ANSWER-General Accenpting Accounting Principles; Accounting guidelines used to create laws to
protect individuals



SEC - ANSWER-Securities Exchange Commission; Protects investors and helps markets run smoothly



AICPA - ANSWER-American Institute of CPAs; Creates and administers CPA exam and audit standards;
develops behavioral guidelines



PCAOB - ANSWER-Public Company Accounting Oversight Board; Protects investors and oversees audits of
public companies



IFRS - ANSWER-International Financial Reporting Standards; Eases financial reporting from EU countries



Principle of Regularity - ANSWER-principle to ensure consistency (same principles as always)



Principle of Sincerity - ANSWER-statements are honest and accurate



Principle of Permanence of Methods - ANSWER-Analysis of composition



Principles of Noncompensation - ANSWER-complete discolsure of truth, no fake items