Which of the following bodies formulates the generally accepted accounting principles (GAAP)?
A) Accounting Disclosure Board
B) Financial Accounting Standards Board
C) Association of Certified Fraud Examiners
D) Securities and Exchange Commission
E) American Institute of Certified Public Accountants

Question

Quizplus · Accepted Answer

B)GAAPs are formulated by the Financial Accounting Standards Board (FASB)of the AICPA and should be used to determine whether a firm has controls to prevent errors and fraud.

Which of the Following Bodies Formulates the Generally Accepted Accounting