Matching Acronyms Required Listed below are phrases with the app

Matching Acronyms

Listed below are phrases with the appropriate acronym. Match the letter that goes with each definition.
a. Generally accepted accounting principles (GAAP)
b. Securities and Exchange Commission (SEC)
c. Financial Reporting Releases (FRRs)
d. American Institute of Certified Public Accountants (AICPA)
e. Certified public accountants (CPAs)
f. Accounting Principles Board (APB)
g. Accounting Principles Board Opinions (APBOs)
h. Accounting Principles Board Statements (APBSs)
i. Financial Accounting Standards Board (FASB)
j. Financial Accounting Foundation (FAF)
k. Financial Accounting Standards Advisory Council (FASAC)
l. Statements of Financial Standards (SFASs)
m. Statements of Financial Accounting Concepts (SFACs)
n. Discussion Memorandum (DM)
o. Exposure Draft (ED)
p. Accounting Standards Executive Committee (AcSEC)
q. Statements of Position (SOP)
r. Emerging Issues Task Force (EITF)
s. Public Company Accounting Oversight Board (PCAOB)
____ 1. Accounting principles that have substantial authoritative support
____ 2. A task force of representatives from the accounting profession created by the FASB to deal with emerging issues of financial reporting
____ 3. A proposed Statement of Financial Accounting Standards
____ 4. Issued by the Accounting Standards Division of the AICPA to influence the development of accounting standards
____ 5. Created by the Securities Exchange Act of 1934
____ 6. A professional accounting organization whose members are certified public accountants.
____ 7. Issued official opinions on accounting standards between 1959 and 1973
____ 8. Represent views of the Accounting Principles Board but not the official opinions.
____ 9. This Board issues four types of pronouncements: (1) Statements of Financial Accounting Standards, (2) Interpretations, (3) Technical bulletins, and (4) Statements of Financial Accounting Concepts
____ 10. Governs the Financial Accounting Standards Board
____ 11. These statements are issued by the Financial Accounting Standards Board and establish GAAP for specific accounting issues
____ 12. Statements issued by the Financial Accounting Standards Board to provide a theoretical foundation on which to base GAAP; they are not part of GAAP
____ 13. Serves as the official voice of the AICPA in matters relating to financial accounting and reporting standards
____ 14. Presents all known facts and points of view on a topic; issued by the FASB
____ 15. Responsible for advising the FASB
____ 16. Represented official positions of the APB
____ 17. An accountant who has received a certificate stating that he or she has met the requirements of state law
____ 18. Issued by the SEC and give the SEC’s official position on matters relating to financial statements
____ 19. Adopts auditing standards

Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...


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