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Unformatted text preview: accounting concepts. Accounting Standards are a uniform set of rules that the public deems necessary to maintain confident in businesses, and not just in singular companys but in the entire corporate world. Accounting Concepts are not a set of rules however but related situations or themes that provide guidance in coming up with solutions to problems. 16.) What is rule 203 of the Code of Professional Conduct? This rule states that an accountant is not allowed to overlook any situation that does not meet GAAP. Doing so could mean the loss of their license. 19.) What is the purpose of FASB Staff Positions? A Staff Position is issued by FASB to provide additional assistance in better understanding the generally accepted accounting principles. It can be used to make minor changes and maintains the same substance as a standard....
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This note was uploaded on 03/20/2010 for the course ACCOUNTING Acc 303 taught by Professor Mr.bartell during the Spring '10 term at Strayer.
- Spring '10