In Its Conceptual Framework, the FASB Concluded That Financial Reporting

question 74

Multiple Choice

In its conceptual framework, the FASB concluded that financial reporting rules should concentrate on providing information that is helpful to

• A)company management and owners.
• B)tax authorities.
• C)current and potential investors and creditors in making investment and credit decisions.
• D)regulating agencies.

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Definitions:

Reconstruction

The period following the Civil War (1865-1877) during which the United States attempted to address the issues arising from the readmission to the Union of the 11 states that had seceded.

Northern Investors

Businesspersons or companies from the northern United States who invested capital, especially in the development of the southern states and various industries.

Plessy V. Ferguson

A landmark 1896 U.S. Supreme Court decision that upheld the constitutionality of racial segregation under the "separate but equal" doctrine.

Segregated Facilities

Public or private establishments that were separated based on race or ethnicity, typified by signs designating usage by either 'whites' or 'colored' during periods of legal segregation.