The FASB Makes It Mandatory to Use Only the Years-Of-Service

question 111

True/False

The FASB makes it mandatory to use only the years-of-service method for amortization of prior service cost.

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Definitions:

Mail or Telephone Order Merchandise Rule

A Federal Trade Commission rule that requires sellers who solicit buyers through mail or phone orders to ship items within the time frame promised or, if no time is promised, within 30 days.

Mail-Order Sales

A sales process where products are ordered through mail correspondence or online and shipped directly to the consumer's address.

Magazines and Books

Periodic publications containing articles, stories, photographs, and advertisements, and written works bound and published covering various subjects or narratives.

Postage

The fee charged for the service of mailing letters and packages.