Which of the Following Organizations Issue Standards That Are Intended

question 27

Multiple Choice

Which of the following organizations issue standards that are intended for both internal and external users of financial information?

• A) Federal Accounting Standards Advisory Board.
• B) Governmental Accounting Standards Board.
• C) Financial Accounting Standards Board.
• D) American Institute of CPAs.

---

Definitions:

Contract

A contract that is enforceable by law, involving two or more parties, which specifies their duties and entitlements.

Nonbreaching Party

The party in a contractual agreement who has not failed to fulfill any contractual obligations or terms.

Rescission

The act of revoking, canceling, or repealing a contract, returning all parties involved to their pre-contractual state.

Discharged

Released or relieved from a duty, obligation, or liability, often used in legal or financial contexts.