The Independent,private-Sector Group That Is Primarily Responsible for Setting Financial

question 43

Multiple Choice

The independent,private-sector group that is primarily responsible for setting financial reporting standards in the United States is the:

• A)FASB.
• B)IASB.
• C)SEC.
• D)IRS.

---

Definitions:

Load Test

A common battery capacity test performed by connecting a carbon pile load tester across the battery or battery bank terminals. Also known as a capacity test.

Dirty Commutator

A condition where the commutator of an electric motor or generator has become contaminated with debris or carbon build-up, leading to poor electrical contact and performance issues.

General Purpose Emery Cloth

An abrasive cloth used for manual metalworking processes, such as smoothing or cleaning metal surfaces.

Right-angle Grinder

A handheld power tool used for grinding, cutting, and polishing, known for its right-angle gear head.