In the Context of Boards of Directors, A(n) ________ Director

question 28

Multiple Choice

In the context of boards of directors, a(n) ________ director is someone who is not employed by the firm.

• A) outside
• B) inside
• C) external
• D) impartial
• E) peripheral

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Definitions:

GAAP

Generally Accepted Accounting Principles, a set of rules and standards used for financial reporting and accounting.

Principles-based

An approach that bases decisions on general principles or values rather than specific rules.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that are becoming the global standard for the preparation of public company financial statements.

GAAP

Generally Accepted Accounting Principles; a collection of commonly-followed accounting rules and standards for financial reporting.