GROUPWORK (GAAP Terminology) Wayne Rogers, an administrator at a major university, recently said, “I’ve got some CDs in my IRA, which I set up to beat the IRS.” As elsewhere, in the world of accounting and finance, it often helps to be fluent in abbreviations and acronyms.
See Also
Is it mandatory to follow accounting standards?International Financial Reporting StandardsThe Role of Financial Reporting Management in Corporate GovernanceFinancial GovernanceInstructions
Presented below is a list of common accounting acronyms. Identify the term for which each acronym stands, and provide a brief definition of each term.
(a) AICPA (e) FAF (l) FASB
(b) CAP (f) FASAC (j) SEC
(c) EITF (g) GAAP (k) IASB
(d) APB (h) CPA
![Q3IFRS Question: What is the benefit of... [FREE SOLUTION] (2024)](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAQAAAC1HAwCAAAAC0lEQVR42mP8/h8AAvMB+NzmkbcAAAAASUVORK5CYII=)