Are fixed assets current assets?
Fixed assets are not current assets as current assets are those assets that are useful for the business in the... View Article
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When are fixed assets sold?
Fixed assets are sold in the following conditions: At the end of its useful life When the business is winded... View Article
What are fixed assets in accounting?
Fixed assets are those assets that are tangible or intangible in nature and are owned by the business which are... View Article
Is goodwill a fixed asset?
Yes, goodwill, though is regarded as an intangible asset in accounting, is also considered as a fixed asset in the... View Article
Goods imported for the purpose of export is known as
a) Home trade b) Foreign trade c) Entrepot d) Trade Answer: c) Entrepot When the goods are imported from one... View Article
Is cash basis accounting allowed under GAAP?
No, cash basis accounting is not allowed under GAAP as it follows an accrual basis of accounting. However, for small... View Article
Is accrual accounting required by GAAP?
GAAP or Generally Accepted Accounting Principles is based on the accrual basis of accounting. In this method revenue and expenses... View Article
How does GAAP affect financial reporting?
GAAP ensures that financial statements of a company are consistent, comparable and complete, which makes it easy for investors to... View Article
Do private companies have to follow GAAP?
Only publicly traded companies are required to follow GAAP, while in case of private companies it is not mandatory to... View Article
Why is IFRS better than GAAP?
IFRS is better than GAAP as it is more principle based and is therefore able to capture the economics of... View Article
What is Indian GAAP?
Indian GAAP is a set of 18 accounting standards set by Institute of Chartered Accountants of India (ICAI). Also read:... View Article
Are comparative financial statements required by GAAP?
GAAP generally favours presenting comparative financial statements for private companies, but it is not mandatory. Also read: Difference Between GAAP... View Article
When was GAAP created?
GAAP was established in 1936. Also read: Difference Between GAAP and IFRS Difference Between IFRS and IND AS MCQs on... View Article
What is IFRS?
IFRS stands for International Financial Reporting Standards. It is a set of accounting standards that determine how financial events are... View Article
What is GAAP used for?
GAAP is used to maintain consistency and standard in accounting across industries. Also read: MCQs on GAAP GAAP (Generally Accepted... View Article
Does managerial accounting follow GAAP?
Managerial accounting does not need to follow GAAP, but it is mandatory for financial accounting to follow GAAP. Also read:... View Article
Why is GAAP important?
GAAP is important because it allows the investors to evaluate the company performance by reviewing their financial statements. In addition... View Article
Who sets GAAP?
GAAP is set by FASB (Financial Accounting Standards Board). Also read: MCQs on GAAP GAAP (Generally Accepted Accounting Principles) Difference... View Article
How many accounting standards are there in US GAAP?
There are 10 accounting rules in US GAAP. Some of the most prominent rules are rules of prudence, principle of... View Article
What is the difference between GAAP and IFRS?
The most important difference between the GAAP and IFRS is that GAAP is a rule-based accounting standard while the IFRS... View Article
