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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TIME VALUE OF MONEY is the idea that a dollar today is worth more than a dollar in the future, because the dollar received today can earn interest up until the time the future dollar is received.

IMPREST BASIS, in cash accounts, means that the exact amount of fund expenditures is replaced periodically.

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