Match the letter of each phrase with the appropriate definition.
-A task force of representatives from the accounting profession created by the FASB to deal with emerging issues of financial reporting.
A)Generally Accepted Accounting Principles (GAAP)
B)Securities and Exchange Commission (SEC)
C)American Institute of Certified Public Accountants (AICPA)
D)Accounting Principles Board (APB)
E)Financial Accounting Standards Board (FASB)
F)Statements of Financial Standards (SFAS)
G)Discussion Memorandum (DM)
H)Statements of Position (SOP)
I)Emerging Issues Task Force (EITF)
J)Financial Reporting Releases (FRRs)
K)The Public Company Accounting Oversight Board (PCAOB)

Question

Quizplus · Accepted Answer

The Emerging Issues Task Force (EITF) is a task force of representatives from the accounting profession created by the FASB to deal with emerging issues of financial reporting.

Answer: B 
 The Securities and Exchange Commission (SEC) is a government agency responsible for regulating the securities industry, which includes overseeing financial reporting by publicly traded companies.

Answer: C 
 The American Institute of Certified Public Accountants (AICPA) is a professional organization for certified public accountants that provides guidance and support for the accounting profession.

Answer: E 
 The Financial Accounting Standards Board (FASB) is a private, non-profit organization that establishes accounting standards in the United States.

Answer: K 
 The Public Company Accounting Oversight Board (PCAOB) is a government agency that oversees the auditing profession, particularly with respect to auditors of public companies.

Match the Letter of Each Phrase with the Appropriate Definition