Which of the following statements includes the most useful guidance for practicing accountants concerning the FASB Accounting Standards Codification.

Which of the following statements includes the most useful guidance for practicing accountants concerning the FASB Accounting Standards Codification.

a) The Codification includes only FASB Statements.
b) The Codification is the sole source of U.S. GAAP, for nongovernmental entities.
c) The Codification significantly modified the content of GAAP when it became effective.
d) An accountant can be sure that all SEC rules are included in the Codification.
B – the Codification is the sole source of US GAAP, for nongovernmental entities.

Which of the following documents is typically issued as part of the due‐process activities of the Financial Accounting Standards Board (FASB) for amending the FASB Accounting Standards Codification?
a) A proposed statement of position.
b) A proposed accounting standards update.
c) A proposed accounting research bulletin.
d) A proposed staff accounting bulletin.
B – a proposed accounting standards update

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U.S. GAAP includes a very large set of accounting guidance. Choose the correct statement.
a) The FASB Accounting Standards Codification includes guidance about items that are not under the purview of the Generally Accepted Accounting Principles, such as the income tax basis of accounting.
b) Authoritative guidance from FASB Statements adopted before the FASB Accounting Standards Codification does not appear in the Codification.
c) There is an implied hierarchy within the FASB Accounting Standards Codification, with FASB Statements assuming the top level.
d) International accounting standards are not included in the FASB Accounting Standards Codification.
D – international accounting standards are not included in the FASB Accounting Standards Codification.