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Author Question: Which of the following statements about Generally Accepted Accounting Principles (GAAP) is NOT ... (Read 56 times)

kshipps

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Which of the following statements about Generally Accepted Accounting Principles (GAAP) is
  NOT true?
 
  A) GAAP is a set of rule-based accounting standards established by the Financial Accounting
  Standards Board (FASB).
  B) GAAP is complex, providing more than 150 pronouncements as to how to account for
  different types of transactions.
  C) GAAP sets out the standards, conventions, and rules that accountants must follow when
  preparing audited financial statements.
  D) All of the statements above are true.

Question 2

Which of the following statements about various types of surety bonds is true?
 
  A) A judicial bond guarantees that a public official will faithfully perform his or her duties for the protection of the public.
  B) A payment bond guarantees that the bonded person will appear in court.
  C) A license and permit bond guarantees that the bonded party will comply with all the laws and regulations governing his or her activities.
  D) A bid bond guarantees that the principal will complete a construction project on time.


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jonathanballen97

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kshipps

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Reply 2 on: Jul 11, 2018
Wow, this really help


epscape

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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