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The purpose of Statements of Financial Accounting Concepts is to



1.	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.

	2.	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.

	*3.	The purpose of the Emerging Issues Task Force is to
a.	develop a conceptual framework as a frame of reference for the solution of future problems.
b.	lobby the FASB on issues that affect a particular industry.
c.	do research on issues that relate to long-term accounting problems.
d.	issue statements which reflect a consensus on how to account for new and unusual financial transactions that need to be resolved quickly.

	P4.	Which of the following pronouncements were issued by the Accounting Principles Board?
		a.	Accounting Research Bulletins
		b.  Opinions
		c.  Statements of Position
		d.  Statements of Financial Accounting Concepts

 
	*5.	The purpose of Statements of Financial Accounting Concepts is to
a.	establish GAAP.
b.	modify or extend the existing FASB Standards Statement.
c.	form a conceptual framework for solving existing and emerging problems.
d.	determine the need for FASB involvement in an emerging issue.




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