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Chapter 1 Homework - C hapter 1 Financial Accounting and...

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Chapter 1: Financial Accounting and Financial Standards Tiffany Watt Homework September 1, 2010 AC 301 – 01 Questions 11) Distinguish among Accounting Research Bulletins, Opinions of the Accounting Principles Board, and Statements of the Financial Accounting Standards Board. The Accounting Research Bulletins – issued by the Committee on Accounting Procedure (CAP) during 1939 to 1959 – dealt with a variety of accounting problems. This problem-by-problem approach failed to provide the needed structured body of accounting principles. APB Opinions were the Accounting Principles Board’s official pronouncements. They were intended to be based mainly on research studies and be supported by reasons and analysis. Financial accounting standards are issued by the FASB and are included within their pronouncements. FASB statements are considered generally accepted accounting principles, or GAAP. 15) Distinguish between FASB “statements of financial accounting standards” and FASB “statements of financial accounting concepts.”
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