Answer
a.AICPA stands for the “American Institute of Certified Public Accountants.” This is a professional body comprised of Certified Public Accountants. The body has been involved in the formulation of GAAP.
b.CAP stands for the “Committee on Accounting Procedure.” The committee employed a problem-by-problem method in its bulletins focused on dealing with accounting issues.
c.EITF stands for “Emerging Issues Task Force.” The task force is responsible for offering timely guidance based on Codification. The task force saves the FASB time by dealing with emerging problems that may require a narrow application of GAAP.
d.APB is an acronym for “Accounting Principles Board,” which was dissolved in 1973. The board's mandate was to aid with the development of a central framework. It also conducted substantive research that preceded the pronouncements made by AICPA.
e.FAF stands for the “Financial Accounting Foundation.” The foundation’s mandate entails funding and supervising the activities of the FASB.
f. FASAC stands for the “Financial Accounting Standards Advisory Council.” The council is a member of the FASB. Its mandates entail the selection of members of various task forces. It also contributes to consultations relating to policy and technical matters.
h. CPA stands for “Certified Public Accountant.” They are professionals in the accounting profession. They are qualified to be members of AICPA.
i. FASB stands for “Financial Accounting Standards Board.” The board’s mandate is formulating and updating the standards used in accounting.
j. SEC is an acronym for “Securities and Exchange Commission.” The commission is an agency of the Federal government that oversees the practices of listed companies. SES requires that the listed companies make annual filings of their audited accounts.
k. IASB stands for “International Accounting Standards Board," which formulates the IFRS.
Work Step by Step
a.AICPA stands for the “American Institute of Certified Public Accountants.” This is a professional body comprised of Certified Public Accountants. The body has been involved in the formulation of GAAP.
b.CAP stands for the “Committee on Accounting Procedure.” The committee employed a problem-by-problem method in its bulletins focused on dealing with accounting issues.
c.EITF stands for “Emerging Issues Task Force.” The task force is responsible for offering timely guidance based on Codification. The task force saves the FASB time by dealing with emerging problems that may require a narrow application of GAAP.
d.APB is an acronym for “Accounting Principles Board,” which was dissolved in 1973. The board's mandate was to aid with the development of a central framework. It also conducted substantive research that preceded the pronouncements made by AICPA.
e.FAF stands for the “Financial Accounting Foundation.” The foundation’s mandate entails funding and supervising the activities of the FASB.
f. FASAC stands for the “Financial Accounting Standards Advisory Council.” The council is a member of the FASB. Its mandates entail the selection of members of various task forces. It also contributes to consultations relating to policy and technical matters.
h. CPA stands for “Certified Public Accountant.” They are professionals in the accounting profession. They are qualified to be members of AICPA.
i. FASB stands for “Financial Accounting Standards Board.” The board’s mandate is formulating and updating the standards used in accounting.
j. SEC is an acronym for “Securities and Exchange Commission.” The commission is an agency of the Federal government that oversees the practices of listed companies. SES requires that the listed companies make annual filings of their audited accounts.
k. IASB stands for “International Accounting Standards Board," which formulates the IFRS.
