The Financial Accounting Standards Board FASB Is the Standard Setting

question 52

Multiple Choice

The Financial Accounting Standards Board FASB is the standard setting organization for which of the following reporting organizations?

• A) Private not-for-profits
• B) Public not-for-profits
• C) Investor owned businesses
• D) A and C are both correct.

---

Definitions:

Fixed Costs

Expenses that do not change with the level of goods or services produced by a business, such as rent, salaries, and loan payments.

Economy Strong

A term indicating that a country's economic performance is robust, with healthy GDP growth, low unemployment, and strong consumer spending.

Political Risk

The financial risk associated with changes in government policy, political instability, or geopolitical events that can affect the profits or assets of businesses.

Economic Impact

The effect of an event, policy, or market change on the economy, which may include changes in employment, GDP, and consumer spending.