The Main Advantage of the FASB Codification Is

question 9

Multiple Choice

The main advantage of the FASB Codification is:

• A)convergence of national accounting standards and IFRS
• B)a shift from national accounting to international accounting
• C)a move away from a standards-based model of organization to one based on topical area
• D)all of these are correct

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Definitions:

W-2

A form used in the United States to report wages paid to employees and the taxes withheld from them to the Internal Revenue Service (IRS).

1099 Form

An IRS tax form used to report various types of income other than wages, salaries, and tips.

Untaxed Income

Income that is not subject to taxation by the authorities.

1040EZ Form

A simpler version of the IRS tax form for individuals with straightforward financial situations, no longer in use as of the 2018 tax year.