Financial Accounting Standards Codification

Question 1

What are the major areas in the Financial Accounting Standards Board (FASB) Accounting Standards Codification?

Answer 1

General principles 100; Presentation 200; Assets 300; Liabilities 400; Equity 500; Revenue 600; Expenses 700; Broad transactions 800; Industry 900.

Question 2

How are changes to the Financial Accounting Standards Board (FASB) Accounting Standards Codification accomplished?

Answer 2

Accounting Standards Updates (ASU).

Question 3

What is the reason for the Financial Accounting Standards Board (FASB) Accounting Standards Codification?

Answer 3

To put all accounting guidance in one place.

Question 4

What is the highest structure of the Financial Accounting Standards Board (FASB) Accounting Standards Codification?

Answer 4

The highest structure is areas.

Question 5

What is the lowest structure of the Financial Accounting Standards Board (FASB) Accounting Standards Codification?

Answer 5

Paragraphs.