The Two Operating Arms of the National Advertising Review Council

question 68

Multiple Choice

The two operating arms of the National Advertising Review Council are the ________.

• A)NAD and the NARB
• B)NAD and the AAAA
• C)AAF and the AAAA
• D)FTC and the FCC
• E)FTC and the NAD

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Definitions:

External Users

Refers to individuals or entities outside of a company who use its financial information, such as investors, creditors, and regulatory agencies.

Accounting Standards

The rules and guidelines set by regulatory bodies that govern the preparation and presentation of financial statements.

Generally Accepted Accounting Principles

A collection of commonly-followed accounting rules and standards for financial reporting that is adopted by organizations to ensure consistency and transparency in financial statements.

Traditional Accounting Conventions

Established principles and practices that guide the preparation and presentation of financial statements.