AICPA Exam CPA-Financial Topic 2 Question 64 Discussion

Actual exam question for AICPA's CPA-Financial exam

Question #: 64
Topic #: 2

[All CPA-Financial Questions]

Which of the following accounting pronouncements is the most authoritative?

AFASB Statement of Financial Accounting Concepts.

BFASB Technical Bulletin.

CAICPA Accounting Principles Board Opinion.

DAICPA Statement of Position.

Show Suggested Answer

Suggested Answer: D

Choice 'd' is correct. The concept of reliability in financial reporting includes; neutrality, representational faithfulness and verifiability.

Choices 'a', 'b', and 'c' are incorrect, per the above.

by Jamal at Jan 09, 2023, 12:10 PM

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1 days ago

I agree with Eve. The FASB Statement of Financial Accounting Concepts sets the foundation for accounting standards.

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4 days ago

I think the most authoritative accounting pronouncement is A) FASB Statement of Financial Accounting Concepts.

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