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Questions and Answers
Which organization was the first to issue accounting standards?
Which organization was the first to issue accounting standards?
- APB
- CAP (correct)
- FASB
- AICPA
What is the abbreviation for the private sector organization that issued accounting standards?
What is the abbreviation for the private sector organization that issued accounting standards?
- APB
- IFAC
- AICPA
- IASC (correct)
Which country was not one of the 10 countries present at the meeting in London in 1973?
Which country was not one of the 10 countries present at the meeting in London in 1973?
- France
- Australia (correct)
- Canada
- USA
Which organization replaced the Committee of Accounting Procedures (CAP)?
Which organization replaced the Committee of Accounting Procedures (CAP)?
Which statement represents the abbreviation for the accounting standards issued by the US?
Which statement represents the abbreviation for the accounting standards issued by the US?
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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Test your knowledge on the historical milestones and key players in the international convergence of financial reporting. Learn about Luca Double Entry System, the Great Depression, the Securities and Exchange Commission, and more. Take the quiz now!
