Question Details

What is the purpose of a FASB Staff Position 



1.	The most significant current source of generally accepted accounting principles is the
a.	AICPA.
b.	SEC.
c.	APB.
d.	FASB.

	2.	Which of the following is not a part of generally accepted accounting principles?
a.	The FASB Interpretations
b.	The CAP Accounting Research Bulletins
c.	The APB Opinions
d.	All of these are part of generally accepted accounting principles.

	3.	Which of the following publications does not qualify as a statement of generally accepted accounting principles?
a.	Statements of financial standards issued by the FASB
b.	Accounting interpretations issued by the FASB
c.	APB Opinions
d.	Accounting research studies issued by the AICPA

	4.	Rule 203 of the Code of Professional Conduct addresses:
a.	ethical requirements.
b.	financial statements being based on generally accepted accounting principles.
c.	advertising to obtain clients.
d.	auditing financial statements.
 
	5.	What is the purpose of a FASB Staff Position ?
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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