Which of the Following Statements Is CORRECT Regarding the FASB

question 3

Multiple Choice

Which of the following statements is CORRECT regarding the FASB Accounting Standards Codification Research System (CRS) ?

• A)Subsections represent a collection of related guidance for a specific area.
• B)A no-cost basic version is available that allows the user to browse but not search the Codification.
• C)Keyword searching is not available in the Codification Research System.
• D)No cross-referencing to older guidance documents is provided.

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Definitions:

Doctrine

A set of beliefs, principles, or position, often held by an organization or a particular field of study.

Consideration

A concept in contract law that involves something of value promised to another when forming a contract.

Promise

A promise is a declaration or assurance that one will do a particular thing or that guarantees the happening or not happening of a specific event in the future.

Voidable Contract

A contract that may be voided or canceled by one of the parties.