Question Details

Which of the following is not a publication of the FASB 



1.	Which of the following is true of the Financial Accounting Standards Board
a.	It has issued a series of pronouncements entitled Auditing Standards Updates.
b.	It was the forerunner of the current Accounting Principles Board.
c.	It is the arm of the Securities and Exchange Commission responsible for setting financial accounting standards.
d.	The members of the FASB are appointed by the Financial Accounting Foundation.

	2.	The Financial Accounting Foundation
a.	oversees the operations of the FASB.
b.	oversees the operations of the AICPA.
c.	provides information to interested parties on financial reporting issues.
d.	works with the Financial Accounting Standards Advisory Council to provide informa-tion to interested parties on financial reporting issues.

	3.	The major distinction between the Financial Accounting Standards Board (FASB) and its predecessor, the Accounting Principles Board (APB), is
a.	the FASB issues exposure drafts of proposed standards.
b.	all members of the FASB are fully remunerated, serve full time, and are independent of any companies or institutions.
c.	all members of the FASB possess extensive experience in financial reporting.
d.	a majority of the members of the FASB are CPAs drawn from public practice.

	4.	The Financial Accounting Standards Board employs a "due process" system which
a.	is an efficient system for collecting dues from members.
b.	enables interested parties to express their views on issues under consideration.
c.	identifies the accounting issues that are the most important.
d.	requires that all accountants must receive a copy of financial standards.

	5.	Which of the following is not a publication of the FASB ?
a.	Statements of Financial Accounting Concepts
b.	Accounting Research Bulletins
c.	Interpretations
d.	Technical Bulletins




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