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Business English Exercises
 

GAAP

Answers to test questions and links to explanations

Home > Teaching Business English > Business English Lessons, Advanced Level # 75
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gaap answer 1
Generally Accepted Accounting Principles are a set of accounting standards approved by the professional accounting industry.

Correct answer: (a) standards

Meaning of business term standards
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gaap answer 2
GAAP are a combination of authoritative rules set by policy boards and the commonly accepted ways of recording and reporting financial information.

Correct answer: (a) authoritative

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 rosalisa from cambodia How can I tell 'process' from 'procedure'?
gaap answer 3
They can become accepted either as a result of due process or as a result of long term practice.

Correct answer: (d) process

Meaning of business term process
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gaap answer 4
Accountants cannot express the opinion that financial statements are "in conformity with generally accepted accounting principles" if such information includes any departures from these principles.

Correct answer: (a) departures

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gaap answer 5
After the Stock Market Crash of 1929, the American Institute of Accountants introduced five broad principles of accounting which have won fairly general acceptance.

Correct answer: (c) Crash

Meaning of business term Crash
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gaap answer 6
It is relatively unimportant to investors what reporting method is used by a company, so long as they are assured that it is followed consistently every year.

Correct answer: (b) consistently

Meaning of business term consistently
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gaap answer 7
In 1934, the U.S. Congress created the Securities and Exchange Commission (SEC), giving it the authority to prescribe the methods used in preparing financial statements.

Correct answer: (d) Exchange

Meaning of business term Exchange
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gaap answer 8
In 1938, Congress permitted companies to use a new inventory method, lifo, for income tax purposes.

Correct answer: (c) inventory

Meaning of business term inventory
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gaap answer 9
In 1939, the AIA recommended the phrasing, "present fairly in conformity with generally accepted accounting principles" in the standard form of the auditor's report.

Correct answer: (a) auditor's

Meaning of business term auditor's
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gaap answer 10
The P & L monograph of 1940 promulgated the "matching principle", which places primary emphasis on the correspondence of costs with the revenues that they produce.

Correct answer: (d) matching

Meaning of business term matching
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Business English Practice Exercises Business English Tests — several topics are covered: office matters, job applications, computer English, money expressions, business law, operations management, retail marketing, e-commerce, accounting terms, contracts and agreements, commercial correspondence, etc.
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