Question Details

The Financial Accounting Standards Board (FASB) was proposed by the 


1.	Which organization is responsible for issuing Emerging Issues Task Force Statements?
a.	The FASB
b.	The CAP
c.	The APB
d.	The SEC

	2.	The role of the Securities and Exchange Commission in the formulation of accounting principles can be best described as
a.	consistently primary.
b.	consistently secondary.
c.	sometimes primary and sometimes secondary.
d.	non-existent.

	3.	The body that has the power to prescribe the accounting practices and standards to be employed by companies that fall under its jurisdiction is the
a.	FASB.
b.	AICPA.
c.	SEC.
d.	APB.
 
	4.	Companies that are listed on a stock exchange are required to submit their financial statements to the
a.	AICPA.
b.	APB
c.	FASB.
d.	SEC.

	5.	The Financial Accounting Standards Board (FASB) was proposed by the 
a.	American Institute of Certified Public Accountants.
b.	Accounting Principles Board.
c.	Study Group on the Objectives of Financial Statements.
d.	Study Group on establishment of Accounting Principles (Wheat Committee).


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