The ________ determines accounting policy for U.S. firms
A) Securities and Exchange Commission (SEC)
B) Federal Reserve System (Fed)
C) Financial Accounting Standards Board (FASB)
D) General Agreement on Tariffs and Trade (GATT)
Answer: C
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June has a claim of national origin and gender discrimination but has missed the deadline for filing a charge with EEOC. She may:
A. not sue under the Reconstruction Act because it applies only to race and color. B. not sue under the Reconstruction Act because it has a similar statute of limitations. C. sue under the Reconstruction Act for national origin discrimination because it does not have a requirement for filing with the EEOC. D. sue under the Reconstruction Act for gender discrimination because it does not have a requirement for filing with the EEOC.
Cool Stools Corporation has income before taxes of $400,000 and a pretax extraordinary loss of $100,000. If the income tax rate is 25%, the income statement should show income before irregular items and extraordinary items, respectively, of
A. $325,000 and $100,000 B. $325,000 and $75,000 C. $300,000 and $100,000 D. $300,000 and $75,000