ACCT 251 HW CH 1 - [Type text] Rosmic Calvo ACCT 251...

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[Type text] Rosmic Calvo Chapter 1 Rosmic Calvo ACCT 251 Chapter 1 Homework CA 1-9 a) AICPA- American Institute of Certified Public Accountants is a national professional organization of practicing CPAs. b) CAP- Committee on Accounting Procedure is composed of practicing CPAs that issued 51 Accounting Research Bulletins during 1939 - 1959. c) ARB- Accounting Research Bulletins are bulletins that deal with a variety of accounting problems. d) APB- Accounting Principles Board is the board whose purpose is to advance the written expression of accounting principles, determine appropriate practices, and narrow the areas of difference and inconsistency in practice. e) FAF- Financial Accounting Foundation selects the members of FASB and the Advisory Council, funds their activities, and generally oversees the FASB’s activities. f) FASAC- Financial Accounting Standards Advisory Council consults FASB on major policy and technological issues, project priorities and selection and organization of task forces. g) SOP- Statements of Position provide guidance on financial reporting topics until the FASB sets standards on the issue in question; they may revise, update, and clarify audit and accounting guides or provide freestanding guidance. h) GAAP- Generally Accepted Accounting Principles are a common set of standards and procedures used to prepare, present, and report financial statements for a variety of entities. i) CPA- Certified Public Accountant is a professional designation of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA. j) FASB- Financial Accounting Standards Board establishes and improves standards of financial accounting and reporting for the guidance and education of the public, including issues, auditors and users of financial information. k)
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This note was uploaded on 11/04/2009 for the course ACCTG 411 taught by Professor Gillick during the Spring '09 term at University of Washington.

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ACCT 251 HW CH 1 - [Type text] Rosmic Calvo ACCT 251...

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