The Responsibility of the Emerging Issues Task Force (EITF)is to

question 55

Multiple Choice

The responsibility of the Emerging Issues Task Force (EITF) is to

• A)issue statements which reflect a consensus of the EITF on how to account for new financial reporting issues where guidance is needed quickly.
• B)do research on financial reporting issues that are being addressed by the AICPA.
• C)respond to groups lobbying the FASB on issues that affect a particular industry.
• D)develop concept statements the AICPA can use as a frame of reference to solve future problems.

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Definitions:

General Course

A broad educational path focusing on a wide range of subjects or skills.

Equal Dignities Rule

A legal principle stating that agents appointed to perform tasks that must be in writing, such as real estate transactions, also must have their authority granted in writing.

Mortgage

A loan secured by the collateral of specified real estate property that the borrower is obliged to pay back with a predetermined set of payments.

Assignment

The transfer of rights, property, or responsibilities from one party to another.