Which of the Following Entities Was a Principal in Creating

question 16

Multiple Choice

Which of the following entities was a principal in creating the FASAB?

• A) U.S. Congress.
• B) Office of Management and Budget.
• C) Governmental Accounting Standards Board.
• D) Securities and Exchange Commission.

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Definitions:

Noncontrolling Interest

A stake in a company that is not large enough to control or dictate the company's business operations, often reflected as a separate equity item in the consolidated financial statements.

Cumulative Preferred Stock

A type of preferred stock that accrues dividends if payments are not made in time, ensuring dividends are paid to these shareholders before common stockholders.

Acquisition

The process of obtaining control of another company by purchasing its assets, stock, or both.

Consolidated Statement

A financial statement that presents the financial position and results of operations for a parent company and its subsidiaries as a single entity.