5 Questions
Which organization was the first to issue accounting standards?
CAP
What is the abbreviation for the private sector organization that issued accounting standards?
IASC
Which country was not one of the 10 countries present at the meeting in London in 1973?
Australia
Which organization replaced the Committee of Accounting Procedures (CAP)?
APB
Which statement represents the abbreviation for the accounting standards issued by the US?
SFAS
Study Notes
Accounting Standards
- The American Institute of Certified Public Accountants (AICPA) was the first organization to issue accounting standards.
- FASB (Financial Accounting Standards Board) is the abbreviation for the private sector organization that issued accounting standards in the US.
- Canada was not one of the 10 countries present at the meeting in London in 1973.
- The Accounting Principles Board (APB) replaced the Committee of Accounting Procedures (CAP).
- GAAP (Generally Accepted Accounting Principles) represents the abbreviation for the accounting standards issued by the US.
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