Question: Q1 FASB SEC AICPA are the

Q1. (FASB / SEC / ________ / AICPA) are the rules that must be followed when preparing the financial statements for external use.
Q2. GAAP stands for ________.
Q3. (________ / Management / Corporate accountants) conduct audits that attest to whether a company’s financial statements comply with GAAP.
Q4. An auto has a sticker price of $20,000. A company purchases the auto, but negotiates with the sales person and pays a price of only $18,000. On the balance sheet, (________ / $20,000) will be reported for the auto. Thirty years ago, land was purchased for $2,000, which now has a current market value of $100,000. On the balance sheet, (________ / $100,000) will be reported for the land.
Q5. When the financial statements are prepared according to GAAP, assets and services are reported at their (________ / current market value).
Q6. THINK ABOUT IT: Is knowledge of an asset’s current market value ever useful? (______ / No) If so, when?

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