Question Details

The Financial Accounting Foundation



1.	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.

	*2.	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.

	*3.	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.
4.	The Financial Accounting Standards Board
a.	has issued a series of pronouncements entitled Statements on Auditing Standards.
b.	was the forerunner of the current Accounting Principles Board.
c.	is the arm of the Securities and Exchange Commission responsible for setting financial accounting standards.
d.	is appointed by the Financial Accounting Foundation.

	5.	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.




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