Which is the correct historical sequence of accounting rule-making bodies?
A) CAP, FASB, APB
B) CAP, APB, FASB
C) FASB, APB, CAP
D) APB, CAP, FASB

Question

Quizplus · Accepted Answer

The Committee on Accounting Procedure (CAP) was the first accounting rule-making body established in 1939, followed by the Accounting Principles Board (APB) in 1959, and then the Financial Accounting Standards Board (FASB) in 1973. Therefore, the correct historical sequence is CAP, APB, FASB, which is represented by option B.

Which Is the Correct Historical Sequence of Accounting Rule-Making Bodies