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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Laine

2 months ago

I heard the FASB Statement of Financial Accounting Concepts is so authoritative, they should just call it the 'FASB Drop the Mic' statement.

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Barney

27 days ago

Yeah, but the AICPA Statement of Position is pretty important too.

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Cletus

1 months ago

D) AICPA Statement of Position.

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Micah

1 months ago

I agree, that statement is like the boss of all accounting pronouncements.

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Lanie

1 months ago

A) FASB Statement of Financial Accounting Concepts.

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Valentin

3 months ago

Nah, nah, nah, it's gotta be the FASB Technical Bulletin. I mean, who doesn't love a good technical bulletin, am I right? It's like the accounting version of a page-turner novel!

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Dick

1 months ago

I'm with you on that, I think the AICPA Statement of Position is the most authoritative.

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Ashlee

1 months ago

I disagree, I believe it's the AICPA Accounting Principles Board Opinion.

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Leota

2 months ago

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

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Tarra

3 months ago

Hold up, I'm going with the AICPA Accounting Principles Board Opinion on this one. That's where the real heavy-hitters in the industry make the big decisions, right?

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Corazon

2 months ago

No problem! It's easy to get confused with all the different pronouncements out there.

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Sabra

2 months ago

Oh really? I always thought the AICPA Accounting Principles Board Opinion was the top dog. Thanks for clarifying.

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Cammy

2 months ago

I think you might be mistaken. The most authoritative accounting pronouncement is actually the FASB Statement of Financial Accounting Concepts.

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Alishia

3 months ago

Hmm, I think the AICPA Statement of Position might be the most authoritative. Isn't that the one that really lays down the law in the accounting world?

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Harley

28 days ago

Let's look it up to be sure, we want to make sure we're following the correct guidelines.

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Krissy

29 days ago

I think you're both mistaken, the AICPA Statement of Position is definitely the most authoritative.

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Carman

1 months ago

I believe it's actually the AICPA Accounting Principles Board Opinion that holds the most weight.

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Whitley

1 months ago

I'm not sure, but I think the FASB Statement of Financial Accounting Concepts is the most authoritative.

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Deane

1 months ago

I think it's a close call between the AICPA Statement of Position and the FASB Statement of Financial Accounting Concepts.

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Rosio

2 months ago

I agree with you, the AICPA Statement of Position is the one that really sets the standards.

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Elden

3 months ago

I'm not so sure, I think the FASB Statement of Financial Accounting Concepts holds more weight.

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Avery

3 months ago

I think you're right, the AICPA Statement of Position is definitely the most authoritative.

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Barbra

3 months ago

I'm pretty sure the FASB Statement of Financial Accounting Concepts is the most authoritative. It's like the bedrock of accounting standards, you know?

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