Wayne Rogers, an administrator at a major university, recently said, “I’ve got some CDs in my IRA, which I set up to beat the IRS.”

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QUESTION:

Wayne Rogers, an administrator at a major university, recently said, “I’ve got some CDs in my IRA, which I set up to beat the IRS.” As elsewhere, in the world of accounting and finance, it often helps to be fluent in abbreviations and acronyms.

Instructions

Presented below is a list of common accounting acronyms. Identify the term for which each acronym stands, and provide a brief definition of each term.

a. AICPA.

b. CAP.

c. EITF.

d. APB.

e. FAF.

f. FASAC.

g. GAAP.

h. CPA.

i. FASB.

j. SEC.

k. IASB.


 

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