GAAP
Education/Requirements
The Accounting Cycle
100
Transactions are recorded on fact and not personal opinion.
What is the Objective Principal
100
Undergraduate degree at a recognized university
What is an educational requirement to become a CPA
100
Collect and verify...
source documents
200
Requires that expenses be matched with revenues.
What is the Matching Principal
200
CEO, Auditor, COO, Financial Analyst
What is business leadership roles you can take part of with a CPA
200
Prepare a...
trial balance
300
Requires that a business’s accounting is to be recorded on a basis of clear, verifiable evidence.
What is the Objective Principal
300
2 years
What is how long the educational practises of PEP will take
300
Post to the...
ledger
400
Amounts in accounts are not adjusted to reflect any increase in value.
What is the Cost Principal
400
30 months
What is the amount of relevant work experience a student must gain
400
Number 9 of the Accounting Cycle
What is prepare a post-closing trial balance
500
Accountants are to keep all business transactions of sole proprietorship separate from the business owner’s personal transactions.
What is Economic Entity Assumption
500
An undergraduate degree
What is required to qualify for a PEP
500
Number 7 of the Accounting Cycle
What is prepare financial statements
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