ANSI Does Not Set Standards, but It Maintains Procedures for the Development

question 76

True/False

ANSI does not set standards, but it maintains procedures for the development of national standards and accredits committees that follow those procedures.

---

Definitions:

Financial Statements

Documents that provide an overview of a company's financial condition, including income statement, balance sheet, and statement of cash flows.

Expressing Opinion

The act of stating beliefs or judgments about something, commonly found in audits where an auditor states the fairness of financial statements.

Profit-oriented Business

A business entity that focuses primarily on generating profits or financial gains as its main objective.

Accounting

The systematic process of recording, measuring, and communicating financial information to help in making informed business decisions.