age 1 of 68
WGU D103 Intermediate Accounting I OBJECTIVE
ASSESSMENT ACTUAL EXAM STUDY GUIDE 2025/2026
ACCURATE QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES || 100% GUARANTEED
PASS <BRAND NEW VERSION>
Accounting Principles Вoard (APB). .......Answer.........An accounting
rule-making board which provided official pronouncements,
called APB Opinions, from 1959 through 1973.
Accounting Research Bulletins (ARBS).
.......Answer.........Pronouncements issued by CAP dealing with a
variety of timely accounting problems during the years 1939 to
1959.
Accounting Standards Executive Committee (AcSEC)
.......Answer.........The senior technical committee that was
,age 2 of 68
authorized to speak for the AICPA in the area of financial
accounting and reporting.
Accounting Standards Updates .......Answer.........These Updates
amend the Accounting Standards accounting standards, other
than standards issued by the Codification, which represents the
source of authoritative SEC
American Institute of Certified Public Accountants (AICPA).
.......Answer.........The national professional organization of
practicing Certified Public Accountants.
APB Opinions. .......Answer.........The APB's official pronouncements
issued from 1959 through 1973 which were intended to be
based mainly on research studies and be supported by reasons
and analysis.
,age 3 of 68
The Codification .......Answer.........Created by the FASB and
provides in one place all the authoritative literature to a
particular topic of GAAP
Committee on Accounting Procedure (CAP) .......Answer.........An
organization composed of practicing CPAS which issued
Accounting Research Bulletins dealing with a variety of
accounting problems during the years 1939 to 1959.
Emerging Issues Task Force (EITF). .......Answer.........Created by
the FASB with the purpose of having members reach a consensus
on how to account for new and unusual financial transactions that
have the potential for creating differing financial reporting
practices.
Emerging Issues Task Force Statements.
.......Answer.........Pronouncements issued by the EITF which
, age 4 of 68
examine emerging financial reporting issues and state how to
account for new and unusual accounting transactions
Financial Accounting Concepts. .......Answer.........A series of
pronouncements issued by the FASB with the concepts that the
FASB will use in developing future purpose of setting forth
fundamental objectives and standards of financial accounting
and reporting.
Financial Accounting Foundation. .......Answer.........The
organization that selects the members of the FASB and the
FASAC, funds their activities, and generally oversees the FASB's
activities.
Financial Accounting Interpretations.
.......Answer.........Pronouncements issued by the FASB which
represent modifications or extensions of existing standards.
WGU D103 Intermediate Accounting I OBJECTIVE
ASSESSMENT ACTUAL EXAM STUDY GUIDE 2025/2026
ACCURATE QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES || 100% GUARANTEED
PASS <BRAND NEW VERSION>
Accounting Principles Вoard (APB). .......Answer.........An accounting
rule-making board which provided official pronouncements,
called APB Opinions, from 1959 through 1973.
Accounting Research Bulletins (ARBS).
.......Answer.........Pronouncements issued by CAP dealing with a
variety of timely accounting problems during the years 1939 to
1959.
Accounting Standards Executive Committee (AcSEC)
.......Answer.........The senior technical committee that was
,age 2 of 68
authorized to speak for the AICPA in the area of financial
accounting and reporting.
Accounting Standards Updates .......Answer.........These Updates
amend the Accounting Standards accounting standards, other
than standards issued by the Codification, which represents the
source of authoritative SEC
American Institute of Certified Public Accountants (AICPA).
.......Answer.........The national professional organization of
practicing Certified Public Accountants.
APB Opinions. .......Answer.........The APB's official pronouncements
issued from 1959 through 1973 which were intended to be
based mainly on research studies and be supported by reasons
and analysis.
,age 3 of 68
The Codification .......Answer.........Created by the FASB and
provides in one place all the authoritative literature to a
particular topic of GAAP
Committee on Accounting Procedure (CAP) .......Answer.........An
organization composed of practicing CPAS which issued
Accounting Research Bulletins dealing with a variety of
accounting problems during the years 1939 to 1959.
Emerging Issues Task Force (EITF). .......Answer.........Created by
the FASB with the purpose of having members reach a consensus
on how to account for new and unusual financial transactions that
have the potential for creating differing financial reporting
practices.
Emerging Issues Task Force Statements.
.......Answer.........Pronouncements issued by the EITF which
, age 4 of 68
examine emerging financial reporting issues and state how to
account for new and unusual accounting transactions
Financial Accounting Concepts. .......Answer.........A series of
pronouncements issued by the FASB with the concepts that the
FASB will use in developing future purpose of setting forth
fundamental objectives and standards of financial accounting
and reporting.
Financial Accounting Foundation. .......Answer.........The
organization that selects the members of the FASB and the
FASAC, funds their activities, and generally oversees the FASB's
activities.
Financial Accounting Interpretations.
.......Answer.........Pronouncements issued by the FASB which
represent modifications or extensions of existing standards.
