Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/12

Click to flip

12 Cards in this Set

  • Front
  • Back
Statements of Financial Accounting Concepts
The pronouncements comprising the FASB's Conceptual Framework
The 4 primary sources of GAAP
1. FASB Statements

2. FASB Interpretations

3. APB Opinions (those not superceded)

4. Accounting Research Bulletins
(those not superceded)
AICPA
The entity which appointed the first accounting standard-setting body.
SEC
The entity having the ultimate authority to set GAAP for businesses.
The issues within 3 general areas addressed by GAAP
1. Recognition

2. Measurement

3. Disclosure
The process of attributing a dollar amount to an account.
Measurement
Accrual
The basis of accounting required by GAAP.
Form 10-K
The annual report which must be filed with the SEC by publicly held firms.
Accounting Principles Board
The entity which published 31 opinions, some of which are still included in GAAP.

Took over the work of CAP(Committee on Accounting Procedure)in 1959 and was taken over by FASB(Financial Accounting Standards Board)in 1971.
Due Diligence
The process by which FASB includes the input of interested parties in the deliberations leading to accounting standards.
Public Company Accounting Oversight Board
The entity which now promulates auditing standards.
Sarbanes-Oxley Act
Act which created the Public Company Accounting Oversight Board