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The FASB Codification Consists of Six Components or Levels, What

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The FASB Codification consists of six components or levels, what are the components or levels?


Definitions:

Economic

Related to the production, distribution, and consumption of goods and services, and the analysis of the wealth of nations and individuals.

Low Income

A financial status where an individual or family earns less than the average or median income, often leading to reduced access to goods and services.

Percentage

A percentage is a portion of 100; it is a way to express a number as a fraction of 100, used to measure or compare the relative size or importance of things.

Ascribed Status

A social position a person is born into or receives involuntarily, based on factors like race, ethnicity, family background, and gender.

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