Question Details

Financial accounting standard-setting in the United States



	*1.	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.

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


	*3.	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.

	*4.	Financial accounting standard-setting in the United States
a.	can be described as a social process which reflects political actions of various interested user groups as well as a product of research and logic.
b.	is based solely on research and empirical findings.
c.	is a legalistic process based on rules promulgated by governmental agencies.
d.	is democratic in the sense that a majority of accountants must agree with a standard before it becomes enforceable.




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