Wiley - 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

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

Answer 2

The lowest structure is paragraphs

Question 3

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

Answer 3

The highest structure is areas.

Question 4

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

Answer 4

Through Accounting Standards Updates (ASU)

Question 5

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

Answer 5

To put all accounting guidance in one place