The Current Standard-Setting Board for Accounting in the Private Sector

question 39

Multiple Choice

The current standard-setting board for accounting in the private sector is the

• A) Financial Accounting Standards Board (FASB)
• B) Securities and Exchange Commission (SEC)
• C) International Accounting Standards Board (IASB)
• D) American Accounting Association (AAA)

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Definitions:

Corporate Vertical Marketing System

A structured form of marketing system where subsequent stages of production and distribution are under a single ownership.

Parent Company

A company that owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors.

Retail Outlets

Places where goods and services are sold directly to consumers, ranging from brick-and-mortar stores to online platforms.

Vertical Marketing System

A supply chain in which the members act as a unified system; there are three types.