The FASB has the authority to set accounting standards for all of the following organizations except:
A. City owned hospital.
B. For profit hospitals.
C. Trade associations.
D. Political parties.
Answer: A
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Indicate whether this statement is true or false.
Which of the following items would not be accounted for under current GAAP as a change in estimate?
A) an increase in the expected life of a piece of manufacturing equipment B) a decrease in the estimated residual value of a delivery van C) a change from FIFO to LIFO for a small subsidiary D) an increase in defective items for the best selling video game
_______ is a characteristic that measures how well products or services meet customer requirements.
Fill in the blank(s) with the appropriate word(s).
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