Match the Letter of Each Phrase with the Appropriate Definition

question 63

Multiple Choice

Match the letter of each phrase with the appropriate definition.
-A task force of representatives from the accounting profession created by the FASB to deal with emerging issues of financial reporting.

• A)Generally Accepted Accounting Principles (GAAP)
• B)Securities and Exchange Commission (SEC)
• C)American Institute of Certified Public Accountants (AICPA)
• D)Accounting Principles Board (APB)
• E)Financial Accounting Standards Board (FASB)
• F)Statements of Financial Standards (SFAS)
• G)Discussion Memorandum (DM)
• H)Statements of Position (SOP)
• I)Emerging Issues Task Force (EITF)
• J)Financial Reporting Releases (FRRs)
• K)The Public Company Accounting Oversight Board (PCAOB)

---

Definitions:

Diagnosis

The identification of the nature or cause of a condition, situation, or problem.

Status Quo

The existing state or condition of a situation, often used in the context of maintaining current circumstances.

Kurt Lewin

A psychologist known for his contributions to social, organizational, and applied psychology, particularly regarding change theories.

Equilibrium

A state of balance or stability within a system, where competing forces or influences are equal and no further change is expected.