Which of the Following Was the First Private-Sector Entity That

question 70

Multiple Choice

Which of the following was the first private-sector entity that set accounting standards in the United States?

• A) Accounting Principles Board.
• B) Committee on Accounting Procedure.
• C) Financial Accounting Standards Board.
• D) AICPA.

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Definitions:

Direct Payments

Cash transfers from governments to individuals or businesses for specific purposes, often used in agricultural subsidies or social welfare programs.

Agricultural Price Supports

Government interventions to stabilize or increase agricultural commodity prices through mechanisms such as subsidies, minimum price settings, or purchasing surplus.

Large-Scale Farmers

Farmers who operate extensive areas of land and generally engage in high-volume production of crops or livestock.

Farm Subsidies

Governmental aid programs aimed at supporting farmers and agricultural enterprises by enhancing their earnings, regulating the production of farm goods, and affecting the price and availability of these commodities.