Which of the following statement is true in regards to accounting?

a.

Accounting standards are no longer evolving because the U.S. has had an established capital market system with formal accounting standards since the early 1930s.

b.

The AICPA developed the conceptual framework and issues Statements of Financial Accounting Concepts that address current and future accounting problems

c.

The U.S. is not formally adopting international accounting standards, however; the U.S. standard setter still works informally with its London-based counterpart in cooperative efforts when setting accounting standards

d.

The Accounting Principles Board and the Committee for Accounting Practices preceded the FASB as a standard setter and issuer of accounting principles..

e.

All of the statements are true except d is true

Evaluate the veracity of the following statements to determine which is not true.

	a.	Preparing accounting information on a timely basis is a key goal of financial reporting in the U.S.
	b.	Recording transactions before cash is received for services or paid for purchases would be misleading to the users of financial accounting information
	c.	A certified public accountant may obtain licensure in any State after successfully passing four parts of a uniform exam, obtaining a requisite amount of experience, and competing 120 semester hours of college credit
	d.	Cost accounting unlike financial accounting is a subset of managerial accounting
	e.	an annual report contains management's discussion and analysis of financial results and the auditor's opinion on the financial statements