P 1-6.             Matching  Acronyms

 

Required           Listed below are phrases with the appropriate acronym. Match the letter that goes with each definition.

a.      Generally accepted accounting principles (GAAP)

b.     Securities and Exchange Commission (SEC)

c.      Financial Reporting Releases (FRRs)

d.     American Institute of Certified Public Accountants (AICPA)

e.      Certified public accountants (CPAs)

f.       Accounting Principles Board (APB)

g.      Accounting Principles Board Opinions (APBOs)

h.     Accounting Principles Board Statements (APBSs)

i.       Financial Accounting Standards Board (FASB)

j.       Financial Accounting Foundation (FAF)

k.     Financial Accounting Standards Advisory Council (FASAC)

l.       Statements of Financial Standards (SFASs)

m.   Statements of Financial Accounting Concepts (SFACs)

n.     Discussion Memorandum (DM)

o.     Exposure Draft (ED)

p.     Accounting Standards Executive Committee (AcSEC)

q.     Statements of Position (SOP)

r.      Emerging Issues Task Force (EITF)

s.      The Public Company Accounting Oversight Board (PCAOB)

              1.   Accounting principles that have substantial authoritative support.

              2.  A task force of representatives from the accounting profession created by the FASB to deal with emerging issues of financial reporting.

              3. A proposed Statement of Financial Accounting Standards.

              4.  Issued by the Accounting Standards Division of the AICPA to influence the development of accounting standards.

              5. Created by the Securities Exchange Act of 1934.

              6.   A professional accounting organization whose members are certified public  accountants.

              7.   Issued official opinions on accounting standards between  1959–1973.

              8.   Represent views of the Accounting Principles Board but not the official   opinions.

              9.  This board issues four types of pronouncements: (1) Statements of Financial Accounting Standards, (2) Interpretations, (3) Technical bulletins, and (4) Statements of Financial Accounting  Concepts.

            10.   Governs the Financial Accounting Standards  Board.

            11.   These statements are issued by the Financial Accounting Standards Board and establish   GAAP for specific accounting issues.

            12.  These statements are issued by the Financial Accounting Standards Board and provide a theoretical foundation upon which to base GAAP.  They are not part of GAAP.

            13.  Serves as the official voice of the AICPA in matters relating to financial accounting and reporting standards.

            14.  Presents all known facts and points of view on a topic. Issued by the FASB.

            15.   Responsible for advising the FASB.

            16.   Represented official positions of the  APB.

            17.  An accountant who has received a certificate stating that he/she has met the requirements  of state law.

            18.   Issued by the SEC and give the SEC’s official position on matters relating to financial statements.

            19.   Adopts auditing standards.