The Private-Sector Group That Currently Has the Authority to Establish

question 178

Multiple Choice

The private-sector group that currently has the authority to establish generally accepted accounting principles in the United States is the:

• A)APB.
• B)FASB.
• C)AAA.
• D)AICPA.
• E)SEC.

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Definitions:

Discrete Probability

The mathematical study of probability where the outcome is determined from a set of distinct, separate values.

Queuing Theory

A body of knowledge about waiting lines.

Little's Law

A principle in queuing theory stating that the long-term average number of customers in a stable system L is equal to the long-term average effective arrival rate, λ, multiplied by the average time a customer spends in the system, W (L = λW).

Poisson Distribution

The Poisson Distribution is a statistical distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space if these events occur with a known constant mean rate and independently of the time since the last event.