Which of the following documents stated fundamental concepts of financial reporting that would serve as a foundation for the opinions of the APB?
A)"Objectives of Financial Statements" (Trueblood Committee Report)
B)"Basic Concepts and Accounting Principles Underlying Financial Statements of Business Enterprises" (APB Statement 4)
C)"A Statement of Basic Accounting Theory" (ASOBAT)
D)"Statement of Accounting Theory and Theory Acceptance" (SATTA)

Question

Quizplus · Accepted Answer

APB Statement 4, "Basic Concepts and Accounting Principles Underlying Financial Statements of Business Enterprises," outlined fundamental concepts of financial reporting that would serve as a basis for the APB's opinions on various accounting issues. The other options listed do not refer to specific documents that laid out these concepts.

Which of the Following Documents Stated Fundamental Concepts of Financial