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:

Dividends

Shareholders' receipts of payments from a corporation, generally tied to the distribution of earnings.

Incorporated

A legal process used to form a corporate entity or company, recognized separately from its owners with its own legal rights.

Capital Account

An account on a country's balance of payments that records all transactions involving the purchase or sale of assets.

Board Of Directors

A group of individuals elected to represent shareholders and oversee the major decisions and policies of a company.