Accounting questions! please help!?

Accounting questions! please help!?
1)Assets on the balance sheet are recorded at market value or replacement cost - True or False 2)GAAP are identical in most developed countries - T or F? 3)Accounting measures/reports financial data for profit-making businesses as well as not-for-profit orgs - T or F? 4)Managers who commit accounting fraud may be fined but can't be charged with a crime punishable by jail time - T or F? 5)Using accrual basis of accounting, a company recognizes expenses when they are paid - T or F? 6)Accrual basis accounting records revenues when earned and expenses when incurred, regardless of when the related cash is received or paid - T or F?


Answers:

Robert F:  Hmm. Smells like homework. What the heck. 1. T 2. F 3. T 4. F 5. F 6. T The only one I'm fuzzy on is #2 since 'most' and 'developed countries' are subject to interpretation. I guess it depends on who wrote your textbook. Enjoy.
2007-07-08 20:09:28
Chosen Answer
Breadcrumbs:  1) T 2) F 3) T 4) F (Tax Fraud) 5) F (Companies recognize expenses when the correlating revenue is made) 6) T
2007-07-09 00:38:18