
Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
النسخة 17الرقم المعياري الدولي: 978-0078025778
Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
النسخة 17الرقم المعياري الدولي: 978-0078025778 تمرين 2
Describe the roles of the following organizations in establishing generally accepted accounting principles:
a. The FAB
b. The AICPA
c. The SEC
From which of these organizations can you most easily obtain financial information about publicly owned companies?
a. The FAB
b. The AICPA
c. The SEC
From which of these organizations can you most easily obtain financial information about publicly owned companies?
التوضيح
A. FASB :The most authoritative source of generally accepted accounting principles is the Financial Accounting Standards BoardA private-sector organization that is responsible for determining generally accepted accounting principles in the United States.. The FASB is authorized to issue Statements of Financial Accounting Standards (and other authoritative accounting pronouncements), which represent official expressions of generally accepted accounting principles.
B. The AICPA conducts accounting research and works closely with the FASB in the establishment and interpretation of generally accepted accounting principles. In fact, prior to the establishment of the FASB, the AICPA had primary responsibility for the establishment of accounting principles.
C. In the past, the SEC has generally adopted the recommendations of the FASB, rather than develop its own set of accounting principles. Thus accounting principles continue to be developed in the private sector but are given the force of law when they are adopted by the SEC.
B. The AICPA conducts accounting research and works closely with the FASB in the establishment and interpretation of generally accepted accounting principles. In fact, prior to the establishment of the FASB, the AICPA had primary responsibility for the establishment of accounting principles.
C. In the past, the SEC has generally adopted the recommendations of the FASB, rather than develop its own set of accounting principles. Thus accounting principles continue to be developed in the private sector but are given the force of law when they are adopted by the SEC.
Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
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