ACCOUNTING PRINCIPLES BOARD (APB) OPINIONS Definition

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ACCOUNTING PRINCIPLES BOARD (APB) OPINIONS were published by the Accounting Principles Board (APB). The APB was created by American Institute of Certified Public Accountants (AICPA) in 1959; replaced by Financial Accounting Standards Board (FASB) in 1973. The APB mission was to develop an overall conceptual framework of US generally accepted accounting principles (US GAAP). APB was the main organization setting the US GAAP and its opinions are still an important part of it.

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FUTURES are contracts to buy or sell specific quantities of a commodity or financial instrument at a specified price with delivery set at a specified time in the future.

ACID-TEST RATIO is an analysis method used to measure the liquidity of a business by dividing total liquid assets by current liabilities.

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