Deal of The Day! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location US
Mob_nav_barsMENU

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?

Show Suggested Answer Hide 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

Limited Time Offer

25%

Off

Get Premium CPA-Financial Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel
Alishia
3 days 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?
upvoted 0 times
...
Barbra
16 days 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?
upvoted 0 times
...
Demetra
20 days ago
I'm not sure, but I think D) AICPA Statement of Position could also be considered authoritative in certain situations.
upvoted 0 times
...
Tawna
23 days ago
I agree with Eve. The FASB Statement of Financial Accounting Concepts sets the foundation for accounting standards.
upvoted 0 times
...
Eve
26 days ago
I think the most authoritative accounting pronouncement is A) FASB Statement of Financial Accounting Concepts.
upvoted 0 times
...

Save Cancel