1. Describe your understanding of US GAAP (United States Generally Accepted Accounting Principles). Do you think it is important for companies to adhere to US GAAP for financial reporting, and why? 

Q2. Describe your understanding of the Financial Accounting Standard Boards (FASB). Does the FASB have law-making powers concerning accounting laws? 

Q3. Explain the Business Entity Concept, time-period Concept, and Cost Concept. 

Q4. Identify the elements of the extended Accounting Equation and give an example of each element. 

Q5. Discuss your understanding of Double Entry Accounting and its correlation to the accounting equation. 

Q6. Identify the financial statements and explain the main function of each statement. 

Q7. Discuss your understanding of Debit and Credit. 

Q8. Document the rules of debit and credit relating to the elements of the accounting equation. 

Q9. What is the main purpose of the Trial Balance? 

Q10. What is the normal balance of the elements of the accounting equation

Answer rating: 100% (QA)

1 Understanding US GAAP US GAAP Generally Accepted Accounting Principles is a framework of accounting standards set by the Financial Accounting Standards Board FASB that US companies must follow when ... View the full answer