AICPA CPA-Financial Exam - 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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Lilli

4 months ago

FASB definitely has the upper hand here.

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Marjory

4 months ago

Wait, really? I always thought Technical Bulletins were top tier.

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Elsa

4 months ago

I thought AICPA opinions were more authoritative?

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Detra

4 months ago

Totally agree, it sets the foundation for everything!

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Hobert

4 months ago

FASB Statement of Financial Accounting Concepts is the most authoritative.

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Herschel

5 months ago

I’m a bit confused about the hierarchy, but I think the FASB Statement is supposed to be more authoritative than the AICPA ones, right?

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Mirta

5 months ago

I feel like the AICPA Accounting Principles Board Opinion has some weight, but I can't recall if it trumps the FASB stuff.

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Aaron

5 months ago

I remember practicing a question similar to this, and I think the FASB Technical Bulletin might be more authoritative than the others listed.

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Vicente

5 months ago

I think the FASB Statement of Financial Accounting Concepts is pretty foundational, but I'm not entirely sure if it's the most authoritative.

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Charlena

5 months ago

Hmm, I'm not sure about this one. I'll need to think it through carefully. The options seem a bit confusing.

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Lavonne

5 months ago

This question seems straightforward, I think I know the answer.

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Darrin

5 months ago

Wait, I'm a bit confused. The question says the value of `response.text` is shown in the exhibit, but the exhibit looks like a Python dictionary. How do I access the latitude and longitude from that?

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Laine

9 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

8 months ago

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

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Cletus

9 months ago

D) AICPA Statement of Position.

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Micah

9 months ago

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

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Lanie

9 months ago

A) FASB Statement of Financial Accounting Concepts.

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Valentin

10 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

8 months ago

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

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Ashlee

9 months ago

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

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Leota

9 months ago

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

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Tarra

10 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

9 months ago

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

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Sabra

9 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

10 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

10 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

8 months 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

8 months ago

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

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Carman

8 months ago

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

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Whitley

8 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

9 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

9 months ago

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

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Elden

10 months ago

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

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Avery

10 months ago

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

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Barbra

11 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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