Benefits of the FASB Accounting Standards Codification (ASC) Include All

question 34

Multiple Choice

Benefits of the FASB Accounting Standards Codification (ASC) include all of the following except:

• A)increases the independence of the FASB.
• B)aids in the convergence of US GAAP with IFRS.
• C)reduces time and effort required to research accounting issues.
• D)clearly distinguishes between authoritative and non-authoritative guidance.

---

Definitions:

Nominal

Pertaining to data classification where categories are named in an unordered manner, used for qualitative, non-numerical information.

Level Of Measurement

The nature of information within data, including nominal, ordinal, interval, and ratio categories, reflecting the degree of quantitative information they hold.

Learning Management System

A software application for the administration, documentation, tracking, reporting, and delivery of educational courses, training programs, or learning and development programs.

Software Application

A program or suite of programs designed to perform a specific task or solve specific problems for users.