Ch 1

Question 1

Accounting Principles Board (APB)

Answer 1

APB Opinions 1959-1973

Question 2

Accounting Research Bulletins (ARB)

Answer 2

Pronouncement by CAP- timely acct problems 1939-1959

Question 3

Accounting Standards Executive Committee (AcSEC)

Answer 3

Senior Tech committee, speak for AICPA in financial acct & reporting

Question 4

Accounting Standard Updates

Answer 4

Amend Acct. Standard Codification- source of authoritative acct. standards, not SEC

Question 5

American Institute of Certified Public Accts. (AICPA)

Answer 5

National Professional Org.

Question 6

APB Opinions

Answer 6

APB pronouncement -1959-1973

based on research studies, support by reason/analysis

Question 7

The Codification

Answer 7

Created by FASB, 1 place all authoritative books for GAAP

Question 8

Committee on Accounting Procedure (CAP)

Answer 8

CPA’s that issue Accting Research Bulletins (ARB) 1939-1959

Question 9

Emerging Issues Task Force (EITF)

Answer 9

Created By FASB, New & unusual financial transactions with potential to create differing finical reporting practices

Question 10

EITF Statements

Answer 10

Pronouncements of EITF

examine emerging fin. rep. issues/ how to account for new/unusual acct. transactions

Question 11

Financial Accounting Concepts

Answer 11

Pronouncements by FASB

Fundamental Obj./ Concepts that FASB use to develop future standards

Question 12

Fin. Acct. Foundation

Answer 12

Select Members of FASB & FASAC
Funds Activities
Oversees FASB Activitites

Question 13

Fin. Acct. Interpretations

Answer 13

Pronouncements by FASB

Modification/Extension of existing standards

Question 14

Fin. Acct. Standards

Answer 14

Pronouncement by FASB

Considered GAAP

Question 15

Fin. Acct. Standards Advisory Council (FASAC)

Answer 15

consult FASN on major policy/tech issues

Question 16

Fin. Acct. Standard Board (FASB)

Answer 16

7 member

establish/improve standard of fin. acct/ reporting for the guidance 7 education of public

Question 17

Generally Accepted Acct. Princpiples

Answer 17

Common set of standards for acct. profession

Question 18

Internal Controls

Answer 18

Checks & Balance to prevent/detect fraud & error

Question 19

International Acct. Standards Board (IASB)

Answer 19

London

produces Int. Fin. Reporting Standards (IFRS)

Question 20

International Financial Reporting Standards (IFRS)

Answer 20

Standards by IASB that accepted for international use

also GAAP

Question 21

Public Company Acct. Oversight Board ( PCAOB)

Answer 21

By Sarbanes-Ox act 2002
Oversight/ enforcement authority
Establishes auditing, quality control, independence standards/rules

Question 22

Sab-Ox Act 2002

Answer 22

Passed bc Enron, Cendeant, Sunbeam, Rite-Aid, World-Com

Question 23

Securities & Exchange Commission (SEC)

Answer 23

Federal Gov Agency, Sec & Exch. Act of 1934