The Financial Accounting Standards Board FASB) Has the Ultimate Responsibility

question 154

True/False

The Financial Accounting Standards Board FASB) has the ultimate responsibility for specifying generally accepted accounting principles GAAP) for United States companies.

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Definitions:

Note

A financial instrument recognizing a debt or obligation, typically with the promise to repay the principal along with potential interest.

Revised Article 3

An update to a section of the Uniform Commercial Code that deals with negotiable instruments, including changes to laws governing checks and promissory notes.

Drawer

In banking, the party that writes or issues a check. In a broader contract or legal sense, it can refer to the person who drafts or creates a document.

Cashier's Check

A check issued by a bank, drawn on its own funds rather than that of the purchaser, guaranteeing payment to the payee.