Imagine That You Have the Time and Money to Propose

question 9

Essay

Imagine that you have the time and money to propose a ballot initiative to reform California government.In simple terms,what is your idea? How would it solve a particular problem without creating more? Consider the consequences of your reform and place it in historical context.Finally,what are the chances for its passage?

---

Definitions:

FASB

Stands for the Financial Accounting Standards Board, an independent organization responsible for establishing accounting and financial reporting standards for companies and non-profit organizations in the United States.

Qualitative Characteristics

Features that make financial information useful to users, including relevance and faithful representation, among others, guiding the preparation and presentation of financial statements.

GAAP

A group of customary accounting regulations and benchmarks used in financial reporting.

Inventory Cost Flow

An accounting method that determines the cost assigned to goods sold and ending inventory based on the order in which the costs were incurred.