1. Neo Here is the exam as follows:The Financial Accounting Standards Board (FAS

1. Neo Here is the exam as follows:The Financial Accounting Standards Board (FASB) is responsible for establishing: a. the American Institute of Certified Public Accountants b. generally accepted accounting principles c. the code of professional conduct for accountants d. the Securities and Exchange Commission 2. An entity where ownership is divided into shares of stock is called a: a. proprietorship b. trade agreement c. corporation d. mutual agency3.According to the FASB the primary objective of financial reporting is to provide information: a. to the Internal Revenue Service b. to the Securities and Exchange Commission c. useful for making investing and lending decisions d. regarding the revenues and expenses of a business4.The principle which states that assets acquired by the business should be recorded at their exchange price is the: a. objectivity principle b. cost principle c. revenue recognition principle d. matching principle