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Quiz on Generally Accepted Accounting Principles (GAAP) Quiz

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1. What is the main purpose of the Generally Accepted Accounting Principles (GAAP)?

2. Which organization establishes the Generally Accepted Accounting Principles (GAAP) for non-governmental entities in the United States?

3. Which principle under GAAP suggests that a business should be viewed as continuing in operation indefinitely?

4. Which fundamental principle under GAAP states that businesses should record their expenses and revenues in the same period?

5. Under GAAP, which principle states that a company should report enough information for outsiders to make knowledgeable decisions about the company?

6. According to the Revenue Recognition Principle under GAAP, when should a company recognize revenue on its books?

7. Which component of financial statements derives directly from the GAAP concept of 'Matching Principle'?

8. Under GAAP, the 'Principle of Conservatism' advises that the accountants should choose the solution that leads to...

9. What is a significant difference between GAAP and the International Financial Reporting Standards (IFRS)?

10. Which principle under GAAP stipulates that personal and business expenses should be kept separate in the records?