Read each of the following statements carefully and indicate whether each is true or false. 1. Because

Question:

Read each of the following statements carefully and indicate whether each is true or false.
1. Because tax rules and financial accounting are the same, federal income tax requirements have had little impact on financial accounting in the United States.
2. The PCAOB has the power to set independence standards for CPA firms that audit publicly traded companies.
3. The Sarbanes-Oxley Act suggests a principles approach to establishing accounting standards.
4. Providing useful information to investors is one of the major considerations of the FASB in developing financial reporting standards.
5. The FASB has placed little emphasis on cash flows in its conceptual framework.
6. The is the statement user's primary source of information about cash flows in a business.
7. The requirements of state and federal regulatory bodies, such as commissions regulating public utilities, have had little impact on accounting standards in this country.
8. Although accounting rule-making organizations in the United States have been reluctant to embrace international accounting standards, there is now a move toward developing congruence between U.S. and international standards.
9. The FASB Accounting Standards Codification is now the single source of authoritative U.S. for nongovernmental entities.
10. The SEC is the private sector's voice in the accounting rule-making process?
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...