Fixed assets are not current assets as current assets are those assets that are useful for the business in the short term, while fixed assets are... View Article
Fixed assets are sold in the following conditions: At the end of its useful life When the business is winded up or becomes insolvent Also... View Article
Fixed assets are those assets that are tangible or intangible in nature and are owned by the business which are helpful for generating income in... View Article
Yes, goodwill, though is regarded as an intangible asset in accounting, is also considered as a fixed asset in the balance sheet because it adds... View Article
a) Home trade b) Foreign trade c) Entrepot d) Trade Answer: c) Entrepot When the goods are imported from one country with the purpose of... View Article
No, cash basis accounting is not allowed under GAAP as it follows an accrual basis of accounting. However, for small businesses it is not... View Article
GAAP or Generally Accepted Accounting Principles is based on the accrual basis of accounting. In this method revenue and expenses are recorded as... View Article
GAAP ensures that financial statements of a company are consistent, comparable and complete, which makes it easy for investors to gather... View Article
Only publicly traded companies are required to follow GAAP, while in case of private companies it is not mandatory to follow GAAP. Also read:... View Article
IFRS is better than GAAP as it is more principle based and is therefore able to capture the economics of a transaction in a better way than the... View Article
Indian GAAP is a set of 18 accounting standards set by Institute of Chartered Accountants of India (ICAI). Also read: Difference Between GAAP... View Article
GAAP generally favours presenting comparative financial statements for private companies, but it is not mandatory. Also read: Difference... View Article
GAAP was established in 1936. Also read: Difference Between GAAP and IFRS Difference Between IFRS and IND AS MCQs on GAAP Stay connected... View Article
IFRS stands for International Financial Reporting Standards. It is a set of accounting standards that determine how financial events are going to... View Article
Managerial accounting does not need to follow GAAP, but it is mandatory for financial accounting to follow GAAP. Also read: MCQs on GAAP... View Article
GAAP is important because it allows the investors to evaluate the company performance by reviewing their financial statements. In addition to... View Article
There are 10 accounting rules in US GAAP. Some of the most prominent rules are rules of prudence, principle of materiality, principle of... View Article
The most important difference between the GAAP and IFRS is that GAAP is a rule-based accounting standard while the IFRS is a principle-based... View Article
