The most significant current source of generally accepted accounting principles is the:
A)New York Stock Exchange.
B)Accounting Principles Board.
C)Accounting Research Studies.
D)AICPA committee on Accounting Procedure.
E)Financial Accounting Standards Board.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is currently the primary source of generally accepted accounting principles (GAAP) used in the United States. The FASB is an independent organization established in 1973 to develop and improve accounting standards. Its standards are recognized as authoritative by the Securities and Exchange Commission and the accounting profession.

The Most Significant Current Source of Generally Accepted Accounting Principles