The _____ is are) largely responsible for developing generally accepted accounting principles in the United States.
A)FASB
B)IASC
C)SEC
D)FASB and IASC

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is largely responsible for developing generally accepted accounting principles in the United States. The International Accounting Standards Committee (IASC) is responsible for developing international accounting standards, but not specifically for the United States. The Securities and Exchange Commission (SEC) has the authority to enforce accounting and reporting regulations, but does not develop accounting principles. Therefore, only choice A is the best answer.

The _____ Is Are) Largely Responsible for Developing Generally Accepted