Question Details

What is the purpose of Emerging Issues Task Force 



1.	A characteristic of generally accepted accounting principles include:
a.	a common set of standards and principles.
b.	standards and principles are based a federal statutes.
c.	acceptance requires an affirmative vote of Certified Public Accountants.
d.	practices that become accepted for at least a year by all industry members.
 
	2.	Characteristics of generally accepted accounting principles include all of the following except 
a.	authoritative accounting that the rule-making body has established as a principle of reporting.
b.	standards are considered useful by the profession.
c.	each principle is approved by the SEC.
d.	practice has become universally accepted over time.

	3.	Why was it believed that accounting standards that were issued by the Financial Accounting Standards Board would carry more weight?
a.	Smaller membership.
b.	The FASB board members were well-paid.
c.	The FASB board members were CPAs.
d.	Due process.

	4.	The passage of a new FASB Accounting Standards Update requires the support of
a.	seven Board members.
b.	three Board members.
c.	four Board members.
d.	five Board members.

	5.	What is the purpose of Emerging Issues Task Force ?
a.	Provide interpretation of existing standards.
b.	Provide a consensus on how to account for new and unusual financial transactions.
c.	Provide interpretive guidance.
d.	Provide timely guidance on select issues.




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