Trending US GAAP Discussions

What are the differences between GAAP and IFRS?‎

What are the differences between GAAP and IFRS?‎

Fernando’s Pasta purchased inventory and later wrote it down. The current net realizable value is higher than the value when written down.?‎

 Fernando’s inventory balance will most likely be:  A higher if it complies with IFRS. B higher if it complies with US GAAP. C the same under US GAAP and IFRS.‎

What is Contra liability account?‎

1- Neither asset nor liability account . 2- An asset account . 3- A liability account .‎

What are the items called "below the line" in GAAP?‎

What is the number and names of accounting branches ?‎

What is meant by average selling period of the following ؟?‎

1 - The number of days of the period divided by the turnover rate of the inventory. 2. The number of days of the period divided by the turnover of debtors. 3 - The numb‎ ... See More

US generally accepted accounting principles are currently developed by which entity ?‎

A The Securities and Exchange Commission. B The Financial Accounting Standards Board. C The Public Company Accounting Oversight Board.‎

Ansar Group, purchased equipment for $100,000, with an estimated useful life of 10 years and a salvage value of $15,000? ‎

The second year’s depreciation for this equipment using the double-declining balance method is $8,500       A B     $13,600 C     $16,000 D     $20,000‎

What is opportunity cost? ‎

A. The forgoing of an opportunity because it is considered unimportant. B. The explicit costs of producing a good or service. C. The forgoing of the next best alternati‎ ... See More