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ACCT 327 > 1-2 Objective Demos > Flashcards

1-2 Objective Demos Flashcards

1
Q

Which organization relates to the description: SEC, AICPA, FASB, or IASB?

Developed GAAP from 1939-1973.

A

AICPA

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2
Q

Which organization relates to the description: SEC, AICPA, FASB, or IASB?

Established the CAP and APB which contributed to GAAP

A

AICPA

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3
Q

Which organization relates to the description: SEC, AICPA, FASB, or IASB?

Develops and updates GAAP currently

A

FASB

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4
Q

Which organization relates to the description: SEC, AICPA, FASB, or IASB?

Develops GAAP through a transparent process that involves public meetings, hearings, and deliberations based upon public comments and research.

A

FASB

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5
Q

Which organization relates to the description: SEC, AICPA, FASB, or IASB?

Has regulatory oversight over the FASB

A

SEC

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6
Q

Which organization relates to the description: SEC, AICPA, FASB, or IASB?

Has the authority to create GAAP but allows the private sector to be responsible for updates to GAAP

A

SEC

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7
Q

Which organization relates to the description: SEC, AICPA, FASB, or IASB?

Issues Accounting Standards Updates that amend the Codification

A

FASB

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8
Q

Which organization relates to the description: SEC, AICPA, FASB, or IASB?

Approves the standards developed by the EITF that become part of GAAP

A

FASB

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9
Q

Which organization relates to the description: SEC, AICPA, FASB, or IASB?

Enforces a code of professional ethics and develops the Uniform Examination

A

AICPA

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10
Q

Which organization relates to the description: SEC, AICPA, FASB, or IASB?

Develops IFRS, a single set of global standards

A

IASB

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11
Q

Which organization relates to the description: SEC, AICPA, FASB, or IASB?

Organized as a private sector board

A

AICPA, FASB, IASB

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12
Q

Which organization relates to the description: SEC, AICPA, FASB, or IASB?

Organized as a governmental board.

A

SEC

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13
Q

Which organization is more accurately described?

Acts as an advisory council to the FASB.

FASAC or FAF

A

FASAC

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14
Q

Which organization is more accurately described?

Develops international financial reporting standards

SEC or IASB

A

IASB

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15
Q

Which organization is more accurately described?

Emerged from actions of Congress

FASB or SEC

A

SEC

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16
Q

Which organization is more accurately described?

Professional organization of CPAs.

AICPA or FASB

A

AICPA

17
Q

Which organization is more accurately described?

Focused on technical issues, short-term in nature

EITF or FASB

A

EITF

18
Q

Which organization is more accurately described?

Raises funds to support the FASB.

FASAC or FAF

A

FAF

19
Q

Which organization is more accurately described?

Requires full-time commitment as a board member

CAP or FASB

A

FASB

20
Q

Which organization is more accurately described?

Requires registered companies to file annual financial statements.

FASB or SEC

A

SEC

ACCT 327 (31 decks)

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