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Author Question: Within the United States, the dominant body in the primary development of accounting principles is ... (Read 455 times)

Haya94

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on: Jul 6, 2018
Within the United States, the dominant body in the primary development of accounting principles is the
 a. American Institute of Certified Public Accountants (AICPA)
  b. American Accounting Association (AAA)
  c. Financial Accounting Standards Board (FASB)
  d. Institute of Management Accountants (IMA)

Question 2

The investments in an Internal Service Fund had investments with an original cost of 100,000 . As of the end of the fiscal year, the fair market value on these investments was 85,000 . The Internal Service Fund would
 
  a. report expenses of 15,000
  b. report a reduction of revenue of 15,000
  c. not adjust the value of the investments reported on the balance sheet.
  d. report a loss on investments of 15,000


aadams68

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  • Posts: 317
Reply #1 on: Jul 6, 2018
Answer to Question 1

c

Answer to Question 2

B


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