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:

Electronic Contracts

Agreements formed, signed, or executed electronically, which are legally binding under electronic commerce laws.

Statute of Frauds

A legal principle requiring certain contracts to be written and signed by the parties involved to be enforceable.

Employment Contract

A formal agreement between an employer and an employee that outlines the terms and conditions of employment.

Parol Evidence Rule

A legal principle that prevents parties to a written contract from presenting extrinsic evidence of terms of the agreement that contradict, modify, or vary contractual terms agreed upon in the written document.