The Financial Accounting Standards Board Is a Part of the Securities

question 82

True/False

The Financial Accounting Standards Board is a part of the Securities and Exchange Commission.

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Definitions:

Retained Earnings

The portion of net income not distributed as dividends to shareholders, but retained by the company for reinvestment.

MACRS 3-Year Class

A category under the Modified Accelerated Cost Recovery System (MACRS) for depreciating certain types of business property over three years.

Amortized

Amortization is the process of spreading out a loan into a series of fixed payments over time, covering both principal and interest.

Residual Value

The estimated value of an asset at the end of its useful life.