These are used by the FASB, and it is a set of concepts that guide financial reporting.
A Financial Accounting Standards Board FASB
B generally accepted accounting principles GAAP
C Securities and Exchange Commission SEC
D conceptual framework
This is the independent federal agency protecting the interests of investors, regulating stock markets,
and ensuring companies adhere to GAAP requirements.
A Financial Accounting Standards Board FASB
B generally accepted accounting principles GAAP
C Securities and Exchange Commission SEC
D conceptual framework
Which of the following is the principle that a company must recognize revenue in the period in which
it is earned; it is not considered earned until a product or service has been provided?
A revenue recognition principle
B expense recognition matching principle
C cost principle
D full disclosure principle
