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Book Cover
Financial and Managerial Accounting: The Basis for Business Decisions, 12/e
Jan R. Williams, University of Tennessee
Susan F. Haka, Michigan State University
Mark S. Bettner, Bucknell University
Robert F. Meigs
Accounting for Decision Making

True/False Quiz

Please answer all questions



1

Generally accepted accounting principles were established by Congress in 1933 and are updated annually by the American Accounting Association.
A)True
B)False
2

One purpose of generally accepted accounting principles is to make accounting information prepared by different companies more com-parable.
A)True
B)False
3

An accounting practice can become a "generally accepted accounting principle" through widespread use, even if the practice is not mentioned in the official pronouncements of the accounting standard-setting organizations.
A)True
B)False








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