Which Statement Regarding FIPS Is True

question 30

Multiple Choice

Which statement regarding FIPS is true?

• A)FIPS are only recommendations,not law.
• B)FIPS originated from the Department of Justice.
• C)FIPS has been ineffective in shaping privacy policies.
• D)FIPS was established after the 9/11 terrorist attacks.

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Definitions:

Other Comprehensive Income

Income that is not included in net income, including items that are not realized, such as foreign currency translation adjustments and unrealized gains or losses on investments.

Current Period Profit or Loss

The net income or loss for the current reporting period, reflecting the financial performance of an entity over that timeframe.

Gain or Loss

Financial terms indicating the positive or negative financial result of transactions or events affecting the company's assets, liabilities, or equity.

Asset Sale

The sale of a company's assets, as opposed to the company itself or its shares, typically to raise cash or dispose of unwanted resources.