The major purpose of the APB during its 13-year existence was to develop a single set of accounting standards useful to all business entities.

Question

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The Accounting Principles Board (APB) aimed to advance the written expression of accounting principles, determine appropriate practices, and narrow the areas of difference and inconsistency in practice, but it did not develop a single set of standards for all business entities.

The Major Purpose of the APB During Its 13-Year Existence