Answer true or false The basic financial statements are the balance sheet, income statement, and the statement of cash flows The expectation of gap is the difference between what people think accountants should be doing and what accountants think they can do Statements of financial accounting standards constitute generally accepted accounting principles General purpose financial statements are likely to satisfy the needs of all interested parties GASB was created to address state and local governmental reporting issues The major types of pronouncements under the FASB are Standards and Interpretations, Financial Accounting Concepts, Technical Bulletin, and Emerging Issues Task Force Statements Due process does not include exposure draft The IASB sets standards to narrow the areas of divergence and to harmonize accounting standards Financial accounting standards in the United States are developed solely by the SEC and the FASB The SEC Acts of 1933 and 1934 falls under the purview of the FASB APB opinions were issued by the Accounting Principles Board Accounting Research Bulletins were pronouncements on accounting practice issued by the Committee on Accounting Procedures Rule 203 of the Code of Professional Ethics prohibits a member of the AICPA from expressing an opinion that financial statements conform with GAAP if those statements contain a material departure from an accounting principle promulgated by FASB FASB Technical Bulletin provide guidance on financial accounting and reporting problems Three major challenges facing the accounting profession are non financial measurement, forward looking information, and timeliness Sarbanes Oxley Act was enacted after Enron and WorldCom scandals The Emerging Issues Task Force generally arrived at a consensus on certain financial reporting issues The Statement of Position (SOP) provide guidance on financial reporting topics GASB standards supersede FASB standards The Accounting Principle Board was dissolved and replaced with the FASB

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Question: Answer true or false. The basic financial statements are the balance sheet, income statement, and the statement of cash flows. The expectation of gap is

Answer true or false.

The basic financial statements are the balance sheet, income statement, and the statement of cash flows.

The expectation of gap is the difference between what people think accountants should be doing and what accountants think they can do.

Statements of financial accounting standards constitute generally accepted accounting principles.

General purpose financial statements are likely to satisfy the needs of all interested parties.

The major types of pronouncements under the FASB are Standards and Interpretations, Financial Accounting Concepts, Technical Bulletin, and Emerging Issues Task Force Statements.

The IASB sets standards to narrow the areas of divergence and to harmonize accounting standards.

Financial accounting standards in the United States are developed solely by the SEC and the FASB.

Accounting Research Bulletins were pronouncements on accounting practice issued by the Committee on Accounting Procedures.

Rule 203 of the Code of Professional Ethics prohibits a member of the AICPA from expressing an opinion that financial statements conform with GAAP if those statements contain a material departure from an accounting principle promulgated by FASB.

FASB Technical Bulletin provide guidance on financial accounting and reporting problems.

Three major challenges facing the accounting profession are non-financial measurement, forward-looking information, and timeliness.

The Emerging Issues Task Force generally arrived at a consensus on certain financial reporting issues.

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