Question Details

Which of the following is true of generally accepted accounting principles 



1.	Which of the following organizations has not published accounting standards?
a.	American Institute of Certified Public Accountants.
b.	Securities and Exchange Commission.
c.	Financial Accounting Standards Board.
d.	All of these have published accounting standards.

	2.	The purpose of Statements of Financial Accounting Concepts is to
a.	establish GAAP.
b.	modify or extend an existing FASB Accounting Standards Update.
c.	form a conceptual framework for solving existing and emerging problems.
d.	determine the need for FASB involvement in an emerging issue.
 
	3.	Members of the Financial Accounting Standards Board are
a.	employed by the American Institute of Certified Public Accountants (AICPA).
b.	part-time employees.
c.	required to hold a CPA certificate.
d.	independent of any other organization.

	4.	The following are part of the "due process" system used by the FASB in the evolution of a typical FASB Accounting Standards Update:
1.	Exposure Draft
2.	FASB Accounting Standards Update
3.	Preliminary Views
The chronological order in which these items are released is as follows:
a.	1, 2, 3.
b.	1, 3, 2.
c.	2, 3, 1.
d.	3, 1, 2.

	5.	Which of the following is true of generally accepted accounting principles ?
a.	GAAP includes detailed practices and procedures as well as broad guidelines of general application.
b.	GAAP is influenced by pronouncements of the SEC and IRS.
c.	GAAP changes over time as the nature of the business environment changes.
d.	All of these answer choices are correct.




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