Congress authorized which of the following organizations to establish generally accepted accounting principles?
A) SEC.
B) APB.
C) AICPA.
D) FASB.

Question

Quizplus · Accepted Answer

The Securities and Exchange Commission (SEC) was authorized by Congress to establish generally accepted accounting principles (GAAP). However, the SEC has largely delegated this responsibility to the Financial Accounting Standards Board (FASB).

Congress Authorized Which of the Following Organizations to Establish Generally