By law,the setting of accounting standards is the responsibility of the:
A)AICPA Committee on Accounting Procedure.
B)New York Stock Exchange.
C)Accounting Principles Board.
D)Securities and Exchange Commission.
E)Financial Accounting Standards Board.

Question

Quizplus · Accepted Answer

The Securities and Exchange Commission (SEC) is responsible for setting accounting standards for publicly traded companies in the United States. Although other organizations, such as the Financial Accounting Standards Board (FASB), play a significant role in developing accounting standards, they do so under the oversight and approval of the SEC.

By Law,the Setting of Accounting Standards Is the Responsibility of The