Which of the following groups has primary responsibility for establishing generally accepted accounting principles for businesses in the United States?
A) the US Congress
B) the Securities and Exchange Commission
C) the Financial Accounting Standards Board
D) the Internal Revenue Service

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) has primary responsibility for establishing generally accepted accounting principles (GAAP) for businesses in the United States. The other options, US Congress, Securities and Exchange Commission (SEC), and Internal Revenue Service (IRS) have important roles in accounting regulation but do not have primary responsibility for establishing GAAP.

Which of the Following Groups Has Primary Responsibility for Establishing