Describe the role of the Financial Accounting Standards Board (FASB)
?The Financial Accounting Standards Board (FASB) is a private board that oversees the practice of financial accounting in the United States. One of its most important functions is the development and interpretation of generally accepted accounting principles (GAAP). Through GAAP, the FASB aims to ensure that financial statements are:
Relevant: They must contain information that helps a user understand a firm's financial performance and condition.
Reliable: They must provide information that is objective, accurate, and verifiable.
Consistent: They must provide financial statements based on the same core assumptions and procedures over time; if a firm introduces any significant changes in how it prepares its financial statements, GAAP requires it to clearly identify and describe these changes.
Comparable: They must present accounting statements in a reasonably standardized way, allowing users to track the firm's financial performance over a period of years and compare its results with those of other firms.
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Gerber primarily serves the baby food market. In choosing to focus on this market, Gerber is defining its competitive sphere on the basis of ________
A) vertical segmentation B) backward integration C) market segmentation D) diversification E) differentiation
Which of the following is NOT true of ANOVA?
A) The use of the word variance in the name "analysis of variance" is misleading. B) The standard deviations are taken into consideration. C) Fundamentally, ANOVA (analysis of variance) is an investigation of the differences between the group averages to determine whether sampling errors or true population differences explain their failure to be equal. D) ANOVA is an analysis of the standard deviations of the groups. E) When a researcher wants to compare the averages of several different groups, ANOVA should be used to accomplish such multiple comparisons.