Bank Examiner Knowledge Test Review

Bank Examiner Knowledge Test Review

1). Gaap

 Ans: Generally Accepted Accounting Principles
- the rules that management must follow when preparing financial statements available to
investors.


2). Fasb

 Ans: Financial Accounting Standards Board. Most Accounting Standards that
formulate GAAP are set by the seven full-time voting members of the FASB.


3). Iasb

 Ans: International Accounting Standards Board. Formed in 2001. Objectives:
1.) to develop a single set of high quality, understandable and enforceable global
accounting standards that lead to transparent and comparable information in general
purpose financial statements.
2.) to cooperate with national accounting standard-setters to achieve convergence in
accounting standards across the world.


4). Ifrs

 Ans: International Financial Reporting Standards


5). Revenue recognition principle

 Ans: revenues are recorded the period earned, not necessarily in the period that the
company collects the money.


6). Nonrecurring items

 Ans: Items that accountants deem unusual and infrequent.


7). Straight line depreciation expenses formula




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