Answer
The Committee on Accounting Procedure (CAP) was composed of practicing CPAs appointed by the American Institute of Certified Public Accountants (AICPA).
Work Step by Step
The CAP was in place from 1939-1959. During this time the CAP issued 51 Accounting Research Bulletins dealing with a variety of accounting problems. The CAP failed to develop a structured set of accounting principles, but instead addressed various accounting problems individually.
