WALL STREET PREP - ACCOUNTING
CRASH COURSE QUESTIONS WITH
CORRECT ANSWERS
Accounting D - D correct D answer-
the D language D of D business D with D a D standard D set D of D rules D for D measuring D a D firm's
D financial D performance
Securities D and D Exchange D Commission D (SEC) D - D correct D answer-
A D U.S. D federal D agency D established D by D Congress D in D 1934 D to D protect D investors D and
D maintain D the D integri Dty Dof Dthe Dsecurities Dmarkets Dwhich Dincludes Dthe Destablishment Dand
Dmaintenance Dof Daccounting Dprinci D ples D and D regulations.
Financial D Accounting D Standards D Board D (FASB) D - D correct D answer-
Established D in D1973, D is D the D private D sector D body D given D the D primary D responsibility D to
D work D out D the D det Dailed D rules D that D become D GAAP.
Statements D of D Financial D Accounting D Standards D (SFAS) D - D correct
D answer- DThe D body D of D accounting D rules, D known D as D GAAP,
D formulated D by D FASB.
Generally D Accepted D Accounting D Principles D (GAAP) D - D correct D answer-
The D standards D and D rules D that D accountants D follow D while D recording D and D reporting D financial
D activities.
, Division D of D Corporate D Finance D - D correct D answer-
The D SEC D division D that D oversees D financial D reporting D by D corporations D and D monitors D the
D activities D of D FAS DB.
What D are D the D 4 D underlying D assumptions D in D accounting? D - D correct D answer-
(1) D Accounting D Entity, D (2) D Going D Concern, D (3) D Measurement, D and D (4) D Periodicity
Accrual D Accounting D - D correct D answer-
Accounting D method D that D records D revenues D and D expenses D when D they D occur, D not
D necessarily D when D cas Dh D actually D changes D hands.
CRASH COURSE QUESTIONS WITH
CORRECT ANSWERS
Accounting D - D correct D answer-
the D language D of D business D with D a D standard D set D of D rules D for D measuring D a D firm's
D financial D performance
Securities D and D Exchange D Commission D (SEC) D - D correct D answer-
A D U.S. D federal D agency D established D by D Congress D in D 1934 D to D protect D investors D and
D maintain D the D integri Dty Dof Dthe Dsecurities Dmarkets Dwhich Dincludes Dthe Destablishment Dand
Dmaintenance Dof Daccounting Dprinci D ples D and D regulations.
Financial D Accounting D Standards D Board D (FASB) D - D correct D answer-
Established D in D1973, D is D the D private D sector D body D given D the D primary D responsibility D to
D work D out D the D det Dailed D rules D that D become D GAAP.
Statements D of D Financial D Accounting D Standards D (SFAS) D - D correct
D answer- DThe D body D of D accounting D rules, D known D as D GAAP,
D formulated D by D FASB.
Generally D Accepted D Accounting D Principles D (GAAP) D - D correct D answer-
The D standards D and D rules D that D accountants D follow D while D recording D and D reporting D financial
D activities.
, Division D of D Corporate D Finance D - D correct D answer-
The D SEC D division D that D oversees D financial D reporting D by D corporations D and D monitors D the
D activities D of D FAS DB.
What D are D the D 4 D underlying D assumptions D in D accounting? D - D correct D answer-
(1) D Accounting D Entity, D (2) D Going D Concern, D (3) D Measurement, D and D (4) D Periodicity
Accrual D Accounting D - D correct D answer-
Accounting D method D that D records D revenues D and D expenses D when D they D occur, D not
D necessarily D when D cas Dh D actually D changes D hands.
