ETS Business Major Field Test: Accounting

Terminology

Accounting Glossary
Accounting Equation
Standard Deviation
Sarbanes-Oxley

IFRS

International Financial Reporting Standards

Accounting Basics

GAAP

GAAP (Generally Accepted Accounting Principles) is a combination of authoritative standards (set by policy boards), principles and procedures that public companies must use create financial statements and report to investors, analysts and regulators.

FASAB Handbook
The Federal Accounting Standards Advisory Board Handbook (FASAB) is designed to meet the needs of users for an authoritative reference to concepts, standards, interpretations, technical bulletins, technical releases, and other issuances.

The FASAB Handbook presents each issuance as a separate chapter. The issue date and effective date of each statement and standard are presented first. Next, references to relevant sections within the FASAB Handbook such as later standards amending the section, or related interpretations, technical bulletins, and technical releases are listed.