Asked by Jacob Delgado on Jun 29, 2024
Verified
The Financial Accounting Standards Board established:
A) The generally accepted liability insurance agreement
B) The auditing perfections standards
C) The generally accepted accounting principles
D) The certified public accounting standards
E) The requirements for licensing accountants
Generally Accepted Accounting Principles
Generally Accepted Accounting Principles (GAAP) refer to a common set of accounting rules, standards, and procedures used in preparing financial statements in the United States.
Financial Accounting Standards Board
An independent nonprofit organization responsible for establishing accounting and financial reporting standards for companies and organizations in the United States.
- Acquire knowledge on the significance and enactment of Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS).
Verified Answer
ZK
Zybrea KnightJul 04, 2024
Final Answer :
C
Explanation :
The Financial Accounting Standards Board (FASB) is responsible for establishing the generally accepted accounting principles (GAAP) in the United States, which are a set of rules and standards designed to ensure the consistency, comparability, and reliability of financial reporting.
Learning Objectives
- Acquire knowledge on the significance and enactment of Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS).