Intermediate Accounting
3rd Edition
ISBN: 9780136912644
Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella
Publisher: Pearson Education (US)
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Textbook Question
Chapter 1, Problem 1.4E
History of Standard Setting in the United States. Joe Choi, a history major is considering transferring to your school of business to study accounting Joe is having some doubts because he is uncertain if there is any room for history in accounting. Convince Joe to major in accounting by providing a history of standard setting in the United States. In your response, address the following items:
- a. When did financial reporting standard setting begin in the United States?
- b. Who had initial authority to set accounting standards?
- c. Which organizations were delegated the authority to set standards? Comment on the types of standards issued and concerns with the standard-setting process under each organization.
- d. Who currently sets accounting standards in the United States? What is the structure of the organization? What types of standards are issued?
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Students have asked these similar questions
El-4. History of Standard Setting in the United States. Joe Choi, a history major, is considering transferring to
your school of business to study sccounting. Joe is having somme doubts because he is uncertain if there is
any room for history in accounting. Convince Joe to major in accounting by providing a history of standard
setting in the United States. Ia your response. address the following items:
a. When did financial reporting standard setting begin in the United States?
b. Who had initial authorty to set accounting standards?
c. Which organizations were delegaled the authonty to set standards? Comment on the types of standards
issued and concerns with the standard-setting process under cach organization.
d. Who currently sets accounting standards in the United States? What is the structure of the organization?
What types of sandards ane issued?
Multiple choice:
1. The accounting standards that are currently used in the Philippines are referred to as the
A. Juan’s GAAP.
B. Philippine Financial Reporting Standards (PFRS).
C. Filipino Accounting Standards (FAS).
D. Philippine GAAP.
2. Accounting is described in various ways. Which of the following is not one of those descriptions?
A. Accounting is a process and a service activity.
B. Accounting is a social science and a practical art.
C. Accounting is the “language of business” because it is fundamental to the communication of financial information.
D. Accounting is the art of professionally stealing money and other evil purposes.
What has been the major role(s) played by professional accounting bodies in the development of accounting in the USA, UK and Ghana?
Chapter 1 Solutions
Intermediate Accounting
Ch. 1 - Prob. 1.1QCh. 1 - Prob. 1.2QCh. 1 - How is the allocation of capital linked to the...Ch. 1 - Prob. 1.4QCh. 1 - Prob. 1.5QCh. 1 - What is the function of the accounting standard...Ch. 1 - Can U.S. companies listen on U.S. stock exchanges...Ch. 1 - Prob. 1.8QCh. 1 - Prob. 1.9QCh. 1 - Prob. 1.10Q
Ch. 1 - Prob. 1.11QCh. 1 - Prob. 1.1BECh. 1 - Prob. 1.2BECh. 1 - Financial Statement Users and Other Parties...Ch. 1 - Prob. 1.4BECh. 1 - Prob. 1.5BECh. 1 - Economic Entity. What is an economic entity?Ch. 1 - Prob. 1.7BECh. 1 - Prob. 1.8BECh. 1 - Prob. 1.9BECh. 1 - Prob. 1.10BECh. 1 - Prob. 1.11BECh. 1 - Prob. 1.12BECh. 1 - Financial Accounting. Define financial accounting...Ch. 1 - Prob. 1.2ECh. 1 - Convergence of Accounting Standards, IFRS Vikram...Ch. 1 - History of Standard Setting in the United States....Ch. 1 - Prob. 1.5ECh. 1 - Prob. 1.6ECh. 1 - Rules-versus Principles-Based Accounting. Review...
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