The goal of this theory is to provide a set of principles and relationships that explain observed practices and predicts unobserved practices.
What is accounting theory?
100
This committee was instrumental in recommending that the FASB be created.
What is the Wheat Committee?
100
The acryonmyn for Generally Accepted Accounting Principles.
What is GAAP?
100
All public traded companies are required to file 10Ks by this governmental agency.
What is SEC?
100
A method used for year to year comparison of data.
What is horizontal analysis?
200
This Italian author wrote the foundation for bookkeeping.
Who is Fra Luca Pacioli?
200
To establish and improve standards of financial reporting and accounting for the guidance and education of the public.
What is FASB's mission statement?
200
The wording "present fairly in comformity with generally accepted accounting principles" was recommended by this organization.
What is AICPA?
200
In July 2002, President Bush signed this legislation to combat accounting fraud.
What is SOX?
200
The SEC was established under this law.
What is the Securities Exchange Act of 1933 and the Securities Exchange Act of 1934.
300
In 1600 these financial statements emerged as part of financial reporting.
What is profit and loss statement?
300
These pronouncements convey required accounting methods and procedures for specific accounting issues and are adopted as GAAP.
What are Statements of Financial Accounting Standards (SFAS)?
300
This pronouncement states the sources of generally accepted accounting principles.
What is SFAS No. 168
300
This entity was instituted to set auditing standards and review audit firm practices and procedures.
What is Public Company Accounting Oversight Board (PCAOB)?
300
This organization was formed after alleged short comings of CAP (Committee on Accounting Procedures).
What is Accounting Principles Board (APB)?
400
This organization initially attempted to organize accounting as a profession in the US in 1904.
What is the American Association of Public Accountants?
400
In response to its failure to provide timely guidance on implementation and practice problems, FASB responded by creating this entity
What is the Emerging Issues Task Force (EITF)?
400
The guidance for determining authoritative for what auditors should follow in determining whether an accounting principle is generally accepted.
What is Statement of Auditing Standards (SAS) No. 5 (amended by No. 43)
400
These two executives are required to sign off on financial statement before the SEC under the penalty of perjury.
What are the CEO and CFO.
400
This international body was formed to harmonize international accounting standards.
What is IASB (Int'l Accounting Standards Board)?
500
This ancient document provided evidence of an elaborate accounting system used by the Greeks during Fifth century B.C.
What is Zenon papyri?
500
This refers to the impact of accounting reports on various segments of economic society and it further holds that the accounting practices a company adopts affect its security price and value.
What are economic consequences?
500
AICPA Accounting Research Bulletins, Opinions, FASB Technical Bulletins, AICPA Bulletins, and implementation guides published by FASB are all summarize under a single authority.
What are the sources of GAAP?
500
SOX requires companies to certify not only the financial statements but they are also required to certify a report testing this particular area relating to financial reporting.