The Normal Order Followed by the FASB in Publishing Its

question 63

Multiple Choice

The normal order followed by the FASB in publishing its standards is

• A) statement,discussion memorandum,opinion.
• B) discussion memorandum,interpretation,exposure draft,statement.
• C) exposure draft,discussion memorandum,statement.
• D) discussion memorandum,exposure draft,statement.

---

Definitions:

Mitigate Damages

The legal principle requiring a party suffering loss to take reasonable action to minimize the amount of the loss.

Wrongful Dismissal

The termination of an employee's contract of employment in violation of the contract or statutory law.

Senior Management

The highest level of executives and managers in an organization who are responsible for its overall operations and strategy.

Implied Repudiation

A situation where one party's actions or statements indicate an intention not to fulfill contractual obligations, thus leading to a breach of contract.