Accountants Follow Guidelines for Professional Measurement and Disclosure of Financial

question 85

Multiple Choice

Accountants follow guidelines for professional measurement and disclosure of financial information called:

• A)IASB.
• B)GAAP.
• C)FASB.
• D)SEC.

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Definitions:

Marginal Rate

The marginal rate usually refers to the incremental increase or decrease in the assessment of a variable or cost in response to a change in some activity.

Goods A

Indicating a generic category of tangible products or commodities.

Budget Constraint

The financial limit on the consumption choices of an individual or household based on income and the prices of goods and services.

Income Change

A variation in the amount of earnings received by a person, household, or economic entity over a period.