Blooms: Apply Difficulty: 1 Easy Learning Objective: 01-02 Describe the purpose; structure; and content of the four basic financial statements. Topic: Statement of Cash Flows 61. In the statement of cash flows, what amount is represented by letter L? AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Reporting Blooms: Apply Difficulty: 1 Easy Learning Objective: 01-02 Describe the purpose; structure; and content of the four basic financial statements. Topic: Statement of Cash Flows 62. In the U.S., generally accepted accounting principles are established: The 1933 Securities Act established the SEC, but did not establish generally accepted accounting principles. The PCAOB approves rules that auditors use for determining if GAAP is being followed by public companies, but does not establish GAAP rules. The AICPA is a voluntary professional organization of public accountants. The private sector standard-setting body in the United States is the FASB and this body establishes GAAP. AACSB: Analytic AICPA BB: Legal AICPA FN: Reporting Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-04 Describe factors that contribute to useful financial information.
Blooms: Apply Difficulty: 1 Easy Learning Objective: 01-02 Describe the purpose; structure; and content of the four basic financial statements. Topic: Statement of Cash Flows 61. In the statement of cash flows, what amount is represented by letter L? AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Reporting Blooms: Apply Difficulty: 1 Easy Learning Objective: 01-02 Describe the purpose; structure; and content of the four basic financial statements. Topic: Statement of Cash Flows 62. In the U.S., generally accepted accounting principles are established: The 1933 Securities Act established the SEC, but did not establish generally accepted accounting principles. The PCAOB approves rules that auditors use for determining if GAAP is being followed by public companies, but does not establish GAAP rules. The AICPA is a voluntary professional organization of public accountants. The private sector standard-setting body in the United States is the FASB and this body establishes GAAP. AACSB: Analytic AICPA BB: Legal AICPA FN: Reporting Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-04 Describe factors that contribute to useful financial information.