Which of the Following Statements About the FASB Accounting Standards

question 47

Multiple Choice

Which of the following statements about the FASB Accounting Standards Codification is true?

• A) It only exists as an electronic database; paper copies are not available.
• B) When the Codification was adopted in 2009, it caused major changes in the contents of U.S. GAAP.
• C) It is reviewed and periodically updated by the SEC.
• D) It is only one of a large number of authoritative pronouncements that have been issued over time, all of which comprise U.S GAAP.

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Definitions:

Recessions

A season of ephemeral economic retreat, observed through decreased levels of commerce and industrial production, commonly distinguished by a fall in GDP in consecutive quarters.

Unemployment Rate

The percentage of the workforce that is unemployed and in active search of employment opportunities.

Economic Expansion

A phase of the business cycle where the economy grows and experiences increased levels of production, employment, and consumer spending.

Stagflation

A situation in an economy where inflation rates are high while economic growth rate slows down and unemployment remains steadily high.