CA1.12 (LO 2, 3) (GAAP Terminology) Wayne Rogers, an administrator at a major university, recently said, Ive 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.