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Exam AUD topic 1 question 398 discussion

Actual exam question from AICPA's AUD
Question #: 398
Topic #: 1
[All AUD Questions]

A CPA wishes to determine how various publicly-held companies have complied with the disclosure requirements in a Statement of Financial Accounting
Standards. Which of the following information sources would the CPA most likely consult for this information?

  • A. AICPA Accounting Trends & Techniques.
  • B. FASB Technical Bulletins.
  • C. AICPA Audit and Accounting Manual.
  • D. FASB Statements of Financial Accounting Concepts.
Show Suggested Answer Hide Answer
Suggested Answer: A 🗳️
Choice "A" is correct. The AICPA's Accounting Trends & Techniques is an annual survey of accounting practices followed in 600 stockholders' annual reports.
Choice "B" is incorrect. FASB Technical Bulletins are considered to be a source of established accounting principles that expand upon or further clarify GAAP.
They do not provide information regarding how various companies comply with GAAP.
Choice "C" is incorrect. AICPA Audit and Accounting Guides are interpretive publications that provide additional guidance regarding the application of auditing standards. They do not provide information regarding how various companies comply with GAAP.
Choice "D" is incorrect. FASB Statements of Financial Accounting Concepts establish the objectives and concepts for use by the FASB in developing accounting and reporting standards. They do not provide information regarding how various companies comply with GAAP.
by gemazyni at April 5, 2025, 4:35 p.m.

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