A Major Difference Between the Financial Accounting Standards Board (FASB)and

question 55

Multiple Choice

A major difference between the Financial Accounting Standards Board (FASB) and its predecessor,the Accounting Principles Board (APB) ,is

• A) all members of the FASB serve full time,are paid a salary,and are independent of any public or private enterprises.
• B) over 50 percent of the members of the FASB are required to be Certified Public Accountants.
• C) the FASB issues exposure drafts of proposed standards.
• D) all members of the FASB possess experience in both public and corporate accounting.

---

Definitions:

Id

In psychoanalytic theory, the part of the personality responsible for basic drives and impulses.

Ego

In psychology, represents the part of the human psyche that processes experiences and operates as a mediator between the conscious and unconscious minds.

Psychosexual Development

A Freudian theory that proposes individuals pass through a series of stages centered on erogenous zones during development, shaping personality.

Id, Ego, and Superego

Components of the human psyche in Freudian theory, with the id representing instinctual desires, the ego mediating reality, and the superego embodying moral standards.