Three Major Organizations in the Private and Public Sector Develop

question 49

Multiple Choice

Three major organizations in the private and public sector develop U.S. and International Financial Reporting Standards. They include all of the following except the

• A) EU European Union).
• B) SEC Securities and Exchange Commission).
• C) FASB Financial Accounting Standards Board).
• D) IASB International Accounting Standards Board).

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Definitions:

Capitalism

An economic system characterized by private ownership of the means of production, competition, and the pursuit of profit.

Self-Interest

Self-interest is a concept in economics that denotes individuals acting in pursuit of their own benefits, often driving economic transactions and market allocations.

Total Surplus

Total surplus is the sum of consumer surplus and producer surplus in a market, representing the overall economic benefit to society from market transactions.

Imposed

Refers to actions or conditions that are applied or enforced by authority or necessity without the recipient's active consent.