Match the letter of each phrase with the appropriate definition.
-This board issues four types of pronouncements: (1)Statements of Financial Accounting Standards (SFAS), (2)Interpretations, (3)Technical Bulletins,and (4)Statements of Financial Accounting Concepts (SFAC).
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 Financial Accounting Standards Board (FASB) issues SFAS, Interpretations, Technical Bulletins, and SFAC.

Answer: A
 Generally Accepted Accounting Principles (GAAP) refers to the set of accounting principles, standards, and procedures that companies use when preparing financial statements.

Answer: C
 The American Institute of Certified Public Accountants (AICPA) is a professional organization that sets ethical standards for the accounting profession and provides guidance on auditing and accounting practices.

Answer: D
 The Accounting Principles Board (APB) was a predecessor of the FASB that issued guidance on accounting principles from 1959 to 1973.

Answer: K
 The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation created by the Sarbanes-Oxley Act of 2002 to oversee the audits of public companies in order to protect investors and the public interest.

Note: The other options (F, G, H, I, J) are also related to accounting standards and organizations, but they are not directly related to the pronouncements issued by the FASB as described in the prompt.

Match the Letter of Each Phrase with the Appropriate Definition