The group primarily responsible for setting accounting standards in the US is the:
a. American Institute of Certified Public Accountants (AICPA)
b. Securities and Exchange Commission (SEC)
c. Standing Interpretations Committee (SIC)
d. International Accounting Standards Board (IASB)
e. Financial Accounting Standards Board (FASB)
Answer: e. Financial Accounting Standards Board (FASB)
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A buyer submits a contract to purchase contingent on the buyer's spouse approving the property within 48 hours. Which of the following statements is correct concerning this agreement?
A. The contract would be valid if agreed to by both parties. B. Real estate contracts cannot contain contingencies. C. The contingency is not valid as it requires a personal judgement. D. The contingency would have to be made on a separate amendment agreement.
A firm has a gross profit of $60 million and a net marketing contribution of $14 million. The firm has a market share of 6% and a margin per unit of $70. Calculate the marketing and sales expenses of the firm
A) $46 million B) $70 million C) $ 420,000 D) $10,000 E) $14 million