Choose the one word or phrase that best completes the sentence and fill in the appropriate answer above.
1-
Generally Accepted Accounting Principles are a set of accounting ......... approved by the professional accounting industry.
A -
standards
B -
suggestions
C -
syllabuses
D -
systems
2-
GAAP are a combination of ......... rules set by policy boards and the commonly accepted ways of recording and reporting financial information.
A -
authoritative
B -
guideline
C -
optional
D -
overriding
3-
They can become accepted either as a result of due ......... or as a result of long term practice.
A -
placement
B -
polling
C -
procedure
D -
process
4-
Accountants cannot express the opinion that financial statements are "in conformity with generally accepted accounting principles" if such information includes any ......... from these principles.
A -
departures
B -
duplications
C -
projections
D -
quotations
5-
After the Stock Market ......... of 1929, the American Institute of Accountants introduced five broad principles of accounting which have won fairly general acceptance.
A -
Bubble
B -
Bust
C -
Crash
D -
Plunge
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 ......... every year.
A -
conclusively
B -
consistently
C -
constantly
D -
cooperatively
7-
In 1934, the U.S. Congress created the Securities and ......... Commission (SEC), giving it the authority to prescribe the methods used in preparing financial statements.
A -
Earnings
B -
Economic
C -
Evaluation
D -
Exchange
8-
In 1938, Congress permitted companies to use a new ......... method, lifo, for income tax purposes.
A -
inclusive
B -
introductory
C -
inventory
D -
investment
9-
In 1939, the AIA recommended the phrasing, "present fairly in conformity with generally accepted accounting principles" in the standard form of the ......... report.
A -
auditor's
B -
financial
C -
management
D -
stockholders'
10-
The P & L monograph of 1940 promulgated the "......... principle", which places primary emphasis on the correspondence of costs with the revenues that they produce.