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28 Cards in this Set

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  • Back
Q:1 AICPA
American Institute of Certified Public Accounting
Q:1 FASB
Financial Accounting Standards Board
Q1: SFAS
Statement of Financial Accounting Standards
Q1: SFAC
Statement of Fiancial Accounting Concepts
Q1: CAP
Committee on Accounting Procedures
Q1: ARB
Accounting Research Board
Q1: SEC
Securites and Exchange Commission
Q1: GAAP
Generally Accepted Accounting Principles
Q1: APB
Accounting Principles Board
Q1: EITF
Emerging Issues Task Force
Q2: AICPA
The AICPA is the principle professional organization of auditors (public accountants) in the U.S
Q2: FASB
The FASB is the private sector organization that has the responsiblity for setting finacial accounting and reporting standards for firms issuing audited finanical statements.
Q2: SFAS
A SPAS is the principle authoritative accounting and reporting standard issued by the FASB.
Q2: SFAC
A SFAC is a conceptual statement that is part of a framework of concepts prepared by the FASB for the purpose of providing guidance in the standard setting process and providing an understanding of the accounting and reporting process to accountants and non-accountants alike.
Q2: CAP
The CAP, est. in the 1930's, was the frist financial accounting and reporting standard setting group. It was an AICPA committee.
Q2: ARB
ARBs are the pronouncements issued by the CAP. The first 42 were consolidated into ARB #43. The CAP issued 8 more ARBs before it was replaced bye the ARB.
Q2: SEC
The SEC is an agency of Congress. Its principle function is to ensure that the issuance and trading of securities is carried out in a fair and orderly manner.
Q2: GAAP
GAAP is the term that emcompasses the finanical accounting and reporting guidelines for which there is substancial authoritative support.
Q2: APB
Th APB, a committee of the AICPA, was responsible for the est. of finanial accounting and reporting standards from 1959-1973.
Q2: EITF
The EITF is a branch of teh FASB that gives authoritative guidance on technical issues needing fast action.
Q3: Regulation S-X
Regulation S-X contains the requirements fro the form, content, and number of finanicial statements to be included with SEC filings.
Q3: Form S-1
Form S-1 is teh document filed with the SEC to register an initial issuance of securities for sale to the publice under the 1933 Securities Act.
Q3: 10-K
The 10-K is the annual report to be filed with the SEC.
Q3: 8-K
The 8-K is a report that must be filed with the SEC after the occurrence of a material event affecting the company.
Q3: Rule 203
Rule of 203 of teh AICPA Code of Professional Ethics prohibits AICPA memebers from expressing an opinion that file
Q3: SEC Practice Section/Private Companies Section
The AICPA has split its membership into those firms or individuals that have SEC clients and those that do not.
Q3: Sarbanes-Oxley
Sarbanes-Oxley refers to Public Company Accounting Reform and Investor Protection Act of 2002 passed by the Congress as a reaction to the fiancial reporting irregularities in Enron, WorldCom and others.
1Q4: Explain the due process steps of the FASB to establishing accounting standards.
Due process includes the following steps:
(A) A discussion memorandum, which is a statement of issues, is prepared and distributed.
(B) Public hearings are held.
(C) The Board prepares an exposure draft.
(D) Public comments are received and reviewdd
(E) A standard is issued.