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. Instructions 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. b. CAP. c. EITF. d. APB. e. FAF. f. FASAC. g. GAAP. h. CPA. i. FASB. j. SEC. k. IASB.

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. Instructions 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. b. CAP. c. EITF. d. APB. e. FAF. f. FASAC. g. GAAP. h. CPA. i. FASB. j. SEC. k. IASB.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.2E

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Instructions

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.

b. CAP.

c. EITF.

d. APB.

e. FAF.

f. FASAC.

g. GAAP.

h. CPA.

i. FASB.

j. SEC.

k. IASB.

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