Going from 1938 to the present, which is the correct sequence of accounting rule-making bodies?
A)APB-CAP-FASB
B)CAP-FASB-APB
C)CAP-APB-FASB
D)FASB-APB-CAP

Question

Quizplus · Accepted Answer

The Committee on Accounting Procedure (CAP) existed from 1939 to 1959 and was the first accounting rule-making body. It was replaced by the Accounting Principles Board (APB) from 1959 to 1973. Finally, in 1973 the Financial Accounting Standards Board (FASB) was established and remains the current accounting rule-making body. Therefore, the correct sequence is CAP-APB-FASB.

Going from 1938 to the Present, Which Is the Correct