Asked by Michael Mocan on May 12, 2024
Verified
Which of the following is the authoritative body in the United States that has the primary responsibility for developing accounting principles?
A) FASB
B) IRS
C) SEC
D) AICPA
Financial Accounting Standards Board
An independent, private-sector body that establishes and interprets Generally Accepted Accounting Principles (GAAP) in the United States.
IRS
The IRS (Internal Revenue Service) is the United States federal agency responsible for collecting taxes and administering the Internal Revenue Code.
SEC
The Securities and Exchange Commission (SEC) is a U.S. government agency that oversees securities transactions, activities of financial professionals and mutual fund trading to prevent fraud and intentional deception.
- Determine the main entities tasked with the creation and management of accounting standards within the United States.
Verified Answer
Learning Objectives
- Determine the main entities tasked with the creation and management of accounting standards within the United States.
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