Once the FASB Has Established an Accounting Standard,the

question 5

Multiple Choice

Once the FASB has established an accounting standard,the

• A) standard is continually reviewed to see if modification is necessary.
• B) standard is not reviewed unless the SEC makes a complaint.
• C) task of reviewing the standard to see if modification is necessary is given to the AICPA.
• D) principle of consistency requires that no revisions ever be made to the standard.

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Definitions:

Preeminence

The quality of being superior or outstanding in a particular field or context.

Acceptance Is Timely

implies that an offer has been accepted within the timeframe specified, or in a reasonable period, making a contract binding.

Accepted by Offeree

The act of an offeree agreeing to the terms of an offer, thereby creating a binding contract.

Extend an Offer

This refers to the act of presenting a proposal to enter into a contract, which may include terms of employment, purchase offers, or other agreements.