In order to preserve independence and impartiality, Financial Accounting Standards Board (FASB) members are required to:
A) serve the board for the rest of their lives once they are appointed.
B) sever all ties with any firms or institutions they served prior to joining the board.
C) sign a non-disclosure agreement and hand over all information of their previous companies to the board.
D) pass a rigorous two-day, four-part examination on major accounting concepts.
Question 2
Shane is looking for ways to get more capital for his appliance sales and service business. He is very protective of his company's information and fears that it will get into the wrong hands. Shane would probably not want to
A) hire new employees.
B) incorporate his company.
C) get a loan from a bank.
D) take on a trustworthy friend as a partner.
E) use a computerized accounting system.
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