The Body That Has Been Established to Recommend Accounting and Financial

question 23

Multiple Choice

The body that has been established to recommend accounting and financial reporting standards for the federal government is the

• A) Financial Accounting Standards Board (FASB).
• B) Governmental Accounting Standards Board (GASB).
• C) Government Accountability Office (GAO).
• D) Federal Accounting Standards Advisory Board (FASAB).

Preparation and understanding of simple income statements and the calculation of net income.

Learn the distinctions between operating and other revenues/expenses, and their impact on net income.

Grasp the procedures for correcting errors in previously issued financial statements.

Understand the fundamentals of earnings per share (EPS) calculation and its implications for financial analysis.