The Rule-Setting Body, Which Authorizes Generally Accepted Accounting Principles Is

question 70

Multiple Choice

The rule-setting body, which authorizes generally accepted accounting principles is the ________.

• A) IFRS
• B) FASB
• C) SEC
• D) Federal Reserve System

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Definitions:

Retailer

A business or person that sells goods directly to consumers, acting as the final link in the distribution chain from manufacturers to end users.

Robinson-Patman Act

A federal law in the United States that bans practices by producers that hinder competition, particularly discriminating in pricing.

Functional Discount

A price reduction offered to channel members who perform certain functions such as selling, storing, and record-keeping.

Wholesaler

A business or person that buys goods in large quantities from manufacturers and sells them in smaller amounts to retailers, typically at lower prices.