Pronouncements issued by the Committee on Accounting Procedures:
A) Dealt with specific accounting and reporting problems.
B) Were based on exposure drafts and public comment letters.
C) Originated from congressional studies and SEC directives.
D) Were the outcome of research studies and a theoretical framework.

Question

Quizplus · Accepted Answer

The Committee on Accounting Procedures issued pronouncements to provide guidance and solutions to specific accounting and reporting issues faced by companies. Thus, option A is correct. Options B, C, and D are incorrect because the pronouncements were not necessarily based on exposure drafts/public comment letters, congressional studies/SEC directives, or research studies/theoretical frameworks.

Pronouncements Issued by the Committee on Accounting Procedures