Accounting Principles Board (APB)
Financial Dictionary — Accounting Fundamentals
Definition
Accounting Principles Board (APB) The senior technical committee of the American Institute of Certified Public Accountants (AICPA) that issued statements on accounting principles from 1959-1973. The APB was replaced by the Financial Accounting Standards Board (FASB).
Common Uses
- Used in day-to-day bookkeeping and journal entries to record transactions correctly.
- Used when preparing trial balances and reconciling accounts.
- Used when preparing trial balances and reconciling accounts.
Practical Example
- Example: Accountants use **Accounting Principles Board (APB)** when recording transactions and preparing the trial balance.
Why This Term Matters
- Why it matters: Ensures accurate records, supports reliable reporting, and reduces posting and reconciliation errors.