Congress Authorized Which of the Following Organizations to Establish Generally

question 18

Multiple Choice

Congress authorized which of the following organizations to establish generally accepted accounting principles for public companies?

• A)SEC
• B)APB
• C)AICPA
• D)FASB

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Definitions:

Average Tax Rate

Total taxes paid divided by total income

Taxable Income

The amount of income used to determine how much tax an individual or a company owes to the government in a given tax year.

Lump-Sum Taxes

Taxes with a fixed amount, not dependent on the taxpayer's income level or economic activity, making them neither progressive nor regressive.

Equitable

Characterized by fairness and impartiality; the fair distribution of resources and opportunities.