The FASB Issues Financial Standards That Are Collectively Known As

question 42

Multiple Choice

The FASB issues financial standards that are collectively known as:

• A) Financial Accounting Standards.
• B) Internal Revenue Code.
• C) Audit Review Standards.
• D) Generally Accepted Accounting Principles.

---

Definitions:

Prisoners

Individuals who are held in confinement as a punishment for crimes or while awaiting trial.

Cash

Money in the form of currency notes and coins that is used for transactions or held as part of financial assets.

Function Of Money

The function of money includes serving as a medium of exchange, a unit of account, a store of value, and sometimes, a standard of deferred payment.

Federal Reserve

The central banking system of the United States, responsible for setting monetary policy, issuing currency, and supervising and regulating banks.