GAAP Exam Questions and Answers
(Latest Update 2026)
GAAP -
correct answer ✅Generally Accepted Accounting Principles; the
set of accepted industry rules, practices and guidelines for financial
accounting
Governing Bodies -
correct answer ✅AICPA, FASB, SEC, GASB
AICPA -
correct answer ✅American Institute of Certified Public
Accountants - its the government body; requires continuing
education; give the CPA exam
FASB -
correct answer ✅Financial Accounting Standards Board, sets
accounting standards in the U.S.
SEC -
correct answer ✅an independent federal agency that oversees the
exchange of securities to protect investors
, GAAP Exam Questions and Answers
(Latest Update 2026)
Securities -
correct answer ✅All of the investments, including stocks, bonds,
mutual funds, options, and commodities, that are traded.
GASB -
correct answer ✅Governmental Accounting Standards Board
Relevance -
correct answer ✅the relation of something to the matter at hand
Reliability -
correct answer ✅the trait of being dependable or reliable
Comparability -
correct answer ✅ability to compare the accounting information of
different companies because they use the same accounting
principles
Consistency -
correct answer ✅conforming from period to period with
unchanging policies and procedures
(Latest Update 2026)
GAAP -
correct answer ✅Generally Accepted Accounting Principles; the
set of accepted industry rules, practices and guidelines for financial
accounting
Governing Bodies -
correct answer ✅AICPA, FASB, SEC, GASB
AICPA -
correct answer ✅American Institute of Certified Public
Accountants - its the government body; requires continuing
education; give the CPA exam
FASB -
correct answer ✅Financial Accounting Standards Board, sets
accounting standards in the U.S.
SEC -
correct answer ✅an independent federal agency that oversees the
exchange of securities to protect investors
, GAAP Exam Questions and Answers
(Latest Update 2026)
Securities -
correct answer ✅All of the investments, including stocks, bonds,
mutual funds, options, and commodities, that are traded.
GASB -
correct answer ✅Governmental Accounting Standards Board
Relevance -
correct answer ✅the relation of something to the matter at hand
Reliability -
correct answer ✅the trait of being dependable or reliable
Comparability -
correct answer ✅ability to compare the accounting information of
different companies because they use the same accounting
principles
Consistency -
correct answer ✅conforming from period to period with
unchanging policies and procedures
