Match the Letter of Each Phrase with the Appropriate Definition

question 58

Multiple Choice

Match the letter of each phrase with the appropriate definition.
-This board issues four types of pronouncements: (1) Statements of Financial Accounting Standards (SFAS) , (2) Interpretations, (3) Technical Bulletins,and (4) Statements of Financial Accounting Concepts (SFAC) .

• 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)

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Definitions:

Australian Dollar

The currency of Australia, represented as AUD, and is a popular currency in financial markets.

Financial Books

Records and documents that capture all financial transactions of a business, facilitating the preparation of financial statements.

Canadian Dollar

The official currency of Canada, often represented by the symbol CAD or C$.

Translation Gain

Profit or gain recognized from converting foreign currency transactions into the functional currency of a business during the consolidation of financial statements.