ACC 300 Chapter 1

Question 1

AICPA

Answer 1

American institute of certified public accountants. The national organization of practicing certified public accountants

Question 2

CAP

Answer 2

Committee on Accounting Procedure. A committee of practicing CPAs which issued 51 acxounting research bulletins between 1939 and 1959 and is the predecessor of the FASB

Question 3

EITF

Answer 3

Emerging issue task force. Provides implementation guidance to reduce diversity in practice in a timely basis. To become GAAP EITF consensues must be approved by the FASB

Question 4

APB

Answer 4

Accounting principals board. A committee of public accountants industry accountants and acedemics which issuees 31 opinions. The APB replaced the CAP and was itself replaced by the FASB. Its opinions unless superseded remain a primary of GAAP

Question 5

FAF

Answer 5

Finacial accounting foundation. An organization whose purpose is to select members of the FASB and its advisory councils funch their activities and exercise general oversight

Question 6

FASAC

Answer 6

Financial accounting standards advisory council. An organization whose purpose is to consult with the FASB on issues projext priorities and select task force

Question 7

GAAP

Answer 7

A commin set of standards principles and procedures which have substantial authorititive support and have been accepted as appropriate becuase of universal application

Question 8

CPA

Answer 8

An accountant who has fulfilled certain education and experience requirements and passed a rigorous exam. Most cpas offer auditing tax and management consulting services to the general public

Question 9

FASB

Answer 9

Financial accounting standards board. The primary body which currentlu establishes and improves financial accounting and reporting standards for the guidance of issuers auditors users and others

Question 10

SEC

Answer 10

Securites and exchange commission. An independent regulatory agency of the us governement which administers of the securites acts od 1933 and 1934 and other acts

Question 11

IASB

Answer 11

Internation accounting standards board. An international group that is actively developing and issuing accounting standards that will have international appeal and hopefully support

Question 12

FASB and IASB

Answer 12

Working together to make standards compatible and stay compatible