In Which of the Following Ways Did the Charge to the Financial

question 44

Multiple Choice

In which of the following ways did the charge to the Financial Accounting Standards Board (FASB) differ from that given to the Accounting Principles Board (APB) ?

• A)The FASB was to establish standards of financial accounting and reporting in the most efficient and complete manner possible.
• B)The FASB was to work toward standard setting with a two-pronged approach.
• C)The FASB was expected to stipulate principles of accounting as an underlying framework.
• D)The accounting standards established by the FASB were to be advisory rather than mandatory.

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Definitions:

Tariff

A tax imposed by a government on imported goods, often used to protect domestic industries and regulate trade balances.

Legal Limit

The maximum or minimum boundary set by law, such as for speed on roads, alcohol consumption, or transaction amounts.

Foreign-Produced Shoes

Shoes that are manufactured outside of one's home country.

Tariff

A tax imposed on imported goods, usually to protect domestic industries or to generate revenue.