Financial Reporting and Analysis: Using Financial Accounting Information 13th test bank

NAT:  BUSPROG: Communication           
STA:   AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP:   Development of Generally Accepted Accounting Principles (GAAP) in the United States
KEY:  Bloom's: Comprehension                 NOT:  Time: 15 min.          
 
   19.   ANS:  A                   PTS:   1                    DIF:    Difficulty: Moderate 
NAT:  BUSPROG: Communication           
STA:   AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP:   Development of Generally Accepted Accounting Principles (GAAP) in the United States
KEY:  Bloom's: Comprehension                 NOT:  Time: 15 min.          
 
   20.   ANS:  C                    PTS:   1                    DIF:    Difficulty: Moderate 
NAT:  BUSPROG: Communication           
STA:   AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP:   Development of Generally Accepted Accounting Principles (GAAP) in the United States
KEY:  Bloom's: Comprehension                 NOT:  Time: 15 min.          
 
   21.   ANS:  G                   PTS:   1                    DIF:    Difficulty: Moderate 
NAT:  BUSPROG: Communication           
STA:   AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP:   Development of Generally Accepted Accounting Principles (GAAP) in the United States
KEY:  Bloom's: Comprehension                 NOT:  Time: 15 min.          
 
   22.   ANS:  I                     PTS:   1                    DIF:    Difficulty: Moderate 
NAT:  BUSPROG: Communication           
STA:   AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP:   Development of Generally Accepted Accounting Principles (GAAP) in the United States
KEY:  Bloom's: Comprehension                 NOT:  Time: 15 min.          
 
Listed below are ten phrases with the appropriate abbreviation.
 
Required:
Match the letter of each phrase with the appropriate definition.
 
a.
Generally Accepted Accounting Principles (GAAP)

b.
Securities and Exchange Commission (SEC)

c.
American Institute of Certified Public Accountants (AICPA)

d.
Accounting Principles Board (APB)

e.
Financial Accounting Standards Board (FASB)

f.
Statements of Financial Standards (SFAS)

g.
Discussion Memorandum (DM)

h.
Statements of Position (SOP)

i.
Emerging Issues Task Force (EITF)

j.
Financial Reporting Releases (FRRs)

k.
The Public Company Accounting Oversight Board (PCAOB)

 
 
   23.   Issued by the SEC and give the SEC's official position on matters relating to financial reports.