Which of the following statements about the Financial Accounting Standards Board correct? The FASB is an agency of the Federal government. The FASB has the authority to fine a noncompliant firm. The FASB follows a due process procedure that permits input from interested parties before a standard is issued. The FASB is controlled by the American Institute of CPA's. Which classification of accounting is most concerned with the use of economic and financial information to plan, forecast, monitor, and control many of the activities of entity? Financial accounting. Auditing-Public accounting. Managerial accounting. Income tax accounting. A fiscal year: is always the same as the calendar year. is frequently selected based on the firm's operating cycle. must always end on the same date each year. must end on the last day of a month. Financial statement ratios support informed judgments and decision making most effectively: When viewed for a single year. When viewed as a trend of entity data. When compared to an industry' average for the most recent year. When the trend of entity data is compared to the trend of industry data. The time frame associated with a balance sheet is: a point in time in the past. a one-year past period of time. a single date in the future. a function of the information included in it