8. Which of the following is true of the Financial Accountin Standards Board? A) B) It was the forerunner of the current Accounting C) It is the arm of the Securities and Exchange Commission D) The members of the FASB are appointed by the Financial It has issued a series of pronouncements entitled Audits ting Standards Updates. Principles Board. responsible for setting financial accounting standards. Accounting Foundation 9. Which of the following organizations has not been instrumental in the development of financial accounting standards in the United States? A) AICPA B) FASB C) IASB D) SEC 10. The following are part of the "due process" system used by the FASB in the evolution of a typical FASB Accounting Standards Update 1. Exposure Draft 2. ASb Aecounting Standards Update Preliminary Views The chronological order in which these items are released is as follows: Page 3 Page 1