Chapter 2 - A Further Look at Financial Statements - Brief Exercises - Page 75: BE2-7

a) True b) False

Companies using GAAP have created their financial statements using the same set of rules. GAAP covers a broad array of topics, including: •Financial statement presentation •Assets •Liabilities •Equity •Revenue •Expenses •Business combinations •Fair value •Foreign currency •Leases •Non-monetary transactions b) GAAP comes from only FASB