Gaap Terminology Wayne Rogers Administrator At Major

(GAAP Terminology) 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. 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) ARB

(d) APB

(e) FAF

(f) FASAC

(g) SOP

(h) GAAP

(i) CPA

(j) FASB

(k) SEC

(l) IASB

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