1. Why is it acceptable for financial accounting to be imprecise?

2. What is materiality?

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3. How is materiality determined?

4. What is a misstatement?

5. When is a misstatement considered fraud?

6. Give three examples of uncertainties faced by businesses.

7. Define “U.S. GAAP.”

8. Why is GAAP so important to the capital market system in the United States?

9. Who creates U.S. GAAP?

10. Define “asset” and give an example of one.

11. Define “liability” and give an example of one.

12. Define “revenue.”

13. Define “expense.”

True or False

1. ____ Most countries require companies to follow U.S. GAAP in preparing their financial statements.

2. ____ Companies face many uncertainties when preparing their financial statements.

3. ____ A liability is defined as a future economic benefit that an organization owns or controls.

4. ____ Creation of U.S. GAAP is primarily done by the U.S. government.

5. ____ In order for investors to evaluate the financial information of a company, it is vital that the


financial information be exact.

6. ____ Materiality depends on the size of the organization.

7. ____ Material misstatements made on financial statements are acceptable as long as there are only a few of them.

8. ____ An example of an uncertainty faced by companies in financial statements is a pending lawsuit.

9. ____ Only accountants need to understand the terminology of accounting.

10. ____ An employee is an example of an asset.

11. ____ A sale is usually considered revenue even if cash is not collected.

12. ____ The purchase of a building is recorded as an expense.

13. ____ A deliberate misstatement is known as fraud.

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