Which of the Following Is a Characteristic of the Financial

question 29

Multiple Choice

Which of the following is a characteristic of the Financial Accounting Standards Board?

• A) The FASB is composed of five members.
• B) FASB members must come from CPA firms.
• C) FASB members are part-time.
• D) FASB members may retain their positions with previous employers.

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Definitions:

Clayton Act

A U.S. antitrust law enacted in 1914 to promote competition and prevent unfair business practices in the marketplace.

1914

Generally references the year notable for the start of World War I, but without additional context, it doesn't apply to a specific key-term related to law or policy.

Enacted

Made into law by official legislative action.

Horizontal Merger

A business consolidation that occurs between firms that operate in the same industry.