Which of the Following Is Not Considered Part of GAAP

question 50

Multiple Choice

Which of the following is not considered part of GAAP?

• A) Statements of Financial Accounting Standards (SFAS)
• B) International Accounting Standards (IAS)
• C) Accounting Research Bulletins (ARB).
• D) Accounting Principles Board Opinions (APB).

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Definitions:

Prepaid Insurance

An asset account that represents insurance paid in advance before the coverage period, reflecting future economic benefits.

Work in Process

Inventory that includes goods in manufacturing that are not yet completed; represents a stage between raw materials and finished goods.

Raw Materials

Basic materials used in the manufacturing process that are not yet processed or transformed.

Accounts Payable

The amounts a company owes to suppliers or creditors for products or services bought on credit.