In which of the following ways did the charge to the Financial Accounting Standards Board (FASB) differ from that given to the Accounting Principles Board (APB)?
A)The FASB was to establish standards of financial accounting and reporting in the most efficient and complete manner possible.
B)The FASB was to work toward standard setting with a two-pronged approach.
C)The FASB was expected to stipulate principles of accounting as an underlying framework.
D)The accounting standards established by the FASB were to be advisory rather than mandatory.

Question

Quizplus · Accepted Answer

The charge to the FASB differed from that given to the APB in that the FASB was specifically instructed to establish standards of financial accounting and reporting in the most efficient and complete manner possible. In contrast, the APB was given a broader mandate to develop and improve accounting principles in general, without a specific emphasis on efficiency or completeness.

In Which of the Following Ways Did the Charge to the Financial