CLFP 2019 I Financial and Tax Accounting (Revised 2026) Exam questions and answers Graded A+ Primary Goal of Accounting Profession - Reasonable and consistent treatment of similar transactions to allow clarity in presentation and consistency in interp

CLFP 2019 I Financial and Tax Accounting (Revised 2026) Exam questions and answers Graded A+ Primary Goal of Accounting Profession - Reasonable and consistent treatment of similar transactions to allow clarity in presentation and consistency in interpretation of financial statements prepared by various individuals or entities. Accounting Principles Board (APB) - 1960s - issues opinions outlining rules for appropriate conditions under which a lease is recorded as a financing. FASB - 1970s - establishes a complete set of lease accounting rules for both lessor and lessee resulting in FASB 13 which became the rule governing lessors and lessees. Accounting Standards Codification (ASC) - 2009 - FASB approved the ASC as a single source of authoritative U.S. accounting and reporting standards, other than guidance issued by the Securities and Exchan