Which of the Following Organizations Issue Standards That Focus on Both

question 13

Multiple Choice

Which of the following organizations issue standards that focus on both internal and external financial reporting? 

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

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Definitions:

Nonfinancial Businesses

Companies primarily engaged in activities other than financial services, such as manufacturing, services, or retail.

Marketable Securities

Financial instruments that can be easily converted into cash, such as stocks, bonds, and Treasury bills.

Liabilities

Financial obligations or debts owed by a company or an individual to others, which must be settled over time by transferring economic benefits.

Collateralized Debt Obligations

A complex structured finance product that pools together cash flow-generating assets and repackages this asset pool into discrete tranches that can be sold to investors.