The primary current source of generally accepted accounting principles for nongovernmental operations is the
A) American Institute of Certified Public Accountants.
B) Securities and Exchange Commission.
C) Financial Accounting Standards Board.
D) Governmental Accounting Standards Board.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is the primary source of generally accepted accounting principles (GAAP) for nongovernmental operations. The other options listed may have some involvement in setting accounting standards, but they are not the primary source for GAAP.

The Primary Current Source of Generally Accepted Accounting Principles for Nongovernmental