What was the purpose of SATTA?
A)To develop standards for accounting
B)To determine an appropriate valuation system for financial statements
C)To provide a survey of the current financial accounting literature and a statement of where the profession stood relative to accounting theory
D)To develop metatheoretical guidelines for the evaluation of accounting information and valuation systems

Question

Quizplus · Accepted Answer

SATTA (Statement of Accounting Theory and Theory Acceptance) was issued in 1977 by the American Accounting Association. Its purpose was to provide a survey of the current financial accounting literature and a statement of where the profession stood relative to accounting theory. Therefore, option C is the correct choice. Option A and B are incorrect as they do not reflect the purpose of the SATTA statement. Option D is also incorrect as it does not accurately reflect the purpose of SATTA.

What Was the Purpose of SATTA