( GAAP Terminology) Wayne Rogers, an administrator at a major university, recently said, Ive got some CDs...

Question:

(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. 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

(d) APB

(e) FAF

(f) FASAC

(g) SOP

(h) GAAP

(i) CPA

(j) FASB

(k) SEC

(l) IASB

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...