What is the underlying concept that supports the immediate recognition of a loss?
1. Matching
2. Consistency
3. Judgment
4. Conservatism
5. Going concern
f. Which statement is not true?
1. The Securities and Exchange Commission is a source of some generally accepted accounting principles.
2. The American Institute of Certified Public Accountants is a source of some generally accepted accounting principles.
3. The Internal Revenue Service is a source of some generally accepted accounting prin1ciples.
4. The Financial Accounting Standards Board is a source of some generally accepted accounting principles.
5. Numbers 1, 2, and 4 are correct.
g. Which pronouncements are not issued by the Financial Accounting Standards Board?
1. Statements of Financial Accounting Standards
2. Statements of Financial Accounting Concepts
3. Technical bulletins
4. Interpretations
5. Opinions