(Standards-Setting Terminology) Andrew Wyeth, 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

(e) FAF (i) CPA (m) GASB

(b) CAP

(f) FASAC (j) FASB

(c) ARB (g) SOP (k) SEC

(d) APB (h) GAAP (l) IASB