The Committee on Accounting Procedures (CAP) was immediately succeeded by:
A)the Financial Accounting Standards Board (FASB).
B)the Accounting Principles Board (APB).
C)the Accounting Research Board (ARB).
D)the Financial Accounting Foundation (FAF).

Question

Quizplus · Accepted Answer

The immediate successor to the Committee on Accounting Procedures (CAP) was the Accounting Principles Board (APB). FASB was formed after the dissolution of APB, ARB was formed before CAP, and FAF is a governing body that oversees FASB and the Governmental Accounting Standards Board (GASB).

The Committee on Accounting Procedures (CAP) Was Immediately Succeeded By