A Company Is Not Required to Follow a Specific Format

question 122

True/False

A company is not required to follow a specific format in making the disclosures for its segments but FASB encourages the most useful format for its specific circumstances.

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Definitions:

Minority Groups

Communities or populations that differ from the majority population in terms of racial, ethnic, religious, or linguistic characteristics, often facing social, economic, or political disadvantages.

Homosexuals

Individuals who are romantically or sexually attracted to people of their own sex.

Democratic Elitism

A political theory that suggests a small, highly informed and capable group of elites governs in the interest of the larger population.

Elites

A small group of people within a society who hold a disproportionate amount of wealth, privilege, political power, or skill.