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.
24. Accounting principles that have substantial authoritative support.
25. A task force of representatives from the accounting profession created by the FASB to deal with emerging issues of financial reporting.
26. Created by the Securities Exchange Act of 1934.
27. Issued by the Accounting Standards Division of the AICPA to influence the development of accounting standards.
28. A professional accounting organization whose members are certified public accountants (CPAs).
29. Issued official opinion on accounting standards between 1959-1973.
30. This board issues four types of pronouncements: (1) Statements of Financial Accounting Standards (SFAS), (2) Interpretations, (3) Technical Bulletins, and (4) Statements of Financial Accounting Concepts (SFAC).