Reference no: EM132944190

Problem 1: What does GAAP stand for?

Option 1: Governmental Accounting Association of Professionals

Option 2: Generally Accepted Accounting Principles

Option 3: Generally Accepted Accounting Procedures

Option 4: Good Accounting and Auditing Practices

Problem 2: In a periodic inventory system, Beginning Inventory + Purchased =

Option 1: Goods Available for Sale

Option 2: Ending Inventory

Option 3: Cost of Goods Sold

Option 4: None of the Above

Problem 3: Adjusting entries are prepared

Option 1: Anytime accrual based financial statements are to be prepared

Option 2: At least annually, whether or not financial statements are prepared

Option 3: Monthly

Option 4: Never unless the company is publicly-traded