Many Organizations Have Contributed to the Establishment of Generally Accepted

question 161

Multiple Choice

Many organizations have contributed to the establishment of generally accepted accounting principles.Which of the following organizations has the PRIMARY responsibility for formulating accounting standards?

• A) FASB
• B) CMA
• C) AICPA
• D) SEC

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Definitions:

Nonrecurring Gains

Profits that are not expected to happen regularly or repeatedly, coming from events like asset sales, lawsuit winnings, or one-time events affecting financial performance.

Income From Continuing Operations

Earnings generated from the normal, recurring activities of a business, excluding any one-time transactions or discontinued operations.

Nonrecurring Losses

Losses that are not expected to happen again in the foreseeable future, differentiated from normal business operations.

Accounting Events

Transactions or occurrences that result in changes to the financial statements of a company, requiring recognition or disclosure.