Accounting 321 Chapter 1 key terms2003-9-3

Accounting 321 Chapter 1 key terms2003-9-3 - Accounting 321...

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Accounting 321 Chapter 1—Financial Accounting and Accounting Standards Key Terms: 1. Accounting Principles Board (8) –APB 2. Accounting Research Bulletins (7) 3. Accrual basis accounting (5) 4. American Institute of Certified Public Accountants (7)—AICPA—The national professional organization of practicing Certified Public Accountants (CPAs)—vital to the development of GAAP. 5. APB Opinions (8)—Accounting Principles Board (APB)’ 18-21 members, selected primarily from public accounting, also included representatives from industry and the academic community. The Board’s official pronouncements, called APB Opinions. 6. Auditing Standards Boards (12)—The AICPA has been the leader in developing auditing standards through its Auditing Standards Board. 7. Committee on Accounting Procedure (7)—The AICPA appointed the Committee on Accounting Procedure. 8. Economic Consequences (15)—The impact of accounting reports on the wealth positions of issuers and users of financial information and the decision-making
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Accounting 321 Chapter 1 key terms2003-9-3 - Accounting 321...

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