6421519
Description
Flashcards by Winston Maxwell, updated more than 1 year ago
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Created by Winston Maxwell
over 7 years ago
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| Question | Answer |
| Financial Accounting and Reporting is concerned with providing relevant information to who? (5) | 1. Investors 2. Creditors 3. Competitors 4. Employees 5. Regulatory Bodies |
| Define Generally Accepted Accounting Principles | The rules of financial reporting for business enterprises. GAAP are also called accounting standards. |
| What three aspects of financial reporting does GAAP address? | 1. Recognition 2. Measurement 3. Disclosure |
| Current standard-setting body in the United States | Financial Accounting Standards Board (FASB) |
| The Federal government agency that administers the securities of the US | Securities and Exchange Commission (SEC) |
| National professional organization for practicing CPAs; provides resources, information, and leadership to benefit members' clients, employers, and the general public | American Institute of Certified Public Accountants (AICPA) |
| What year was the Committee on Accounting Procedure (CAP) established? | 1939 |
| How many Accounting Research Bulletins (ARBs) did CAP issue? | 51 |
| In what year did the AICPA create the Accounting Principles Board? | 1959 |
| Which of its organizations, that was created by the AICPA, required all its members to be CPAs? | Accounting Principles Board (APB) |
| How many opinions did the Accounting Principles Board issue? | 31 |
| What committee was created in 1971 by the AICPA | Wheat Committee |
| Who recommended the formation of the FASB in 1973? | The Wheat Committee |
| What are the 5 main points of the mission of FASB? | 1. Improve the usefulness of financial reporting 2. Maintain current accounting standards 3. Promptly address deficiencies in accounting standards 4. Promote international convergence of accounting standards 5. Improve the common understanding of the nature and purposes of information in financial reports |
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