For Which Types of Organizations Is the Financial Accounting Standards

question 17

Multiple Choice

For which types of organizations is the Financial Accounting Standards Board (FASB) responsible for establishing accounting and financial reporting standards?

• A)Business-type organizations and not-for-profit organizations,including not-for-profit colleges,universities and health care providers
• B)Business-type organizations;not-for-profit organizations;and all colleges,universities and health care providers,whether organized as not-for-profit or governmental entities
• C)Business-type organizations only
• D)All entities,except for those under the jurisdiction of the American Institute of CPAs

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Definitions:

Electroconvulsive Shock Therapy (ECT)

A medical treatment most commonly used for severe major depression or bipolar disorder that involves inducing seizures with the use of electrical stimulation while a patient is under anesthesia.

Cortical Seizure

A seizure originating in the cerebral cortex of the brain, characterized by various symptoms depending on the affected area, including convulsions and sensory disturbances.

Antipsychotic Drug

Medications used to treat symptoms of psychosis, including hallucinations, delusions, and thought disorders.

Schizophrenia

A mental disorder characterized by disruptions in thought processes, perceptions, emotional responsiveness, and social interactions.