Which one of the following is the authoritative body having the primary responsibility for developing accounting principles in the United States?

Question

Quizplus · Accepted Answer

FASB (Financial Accounting Standards Board) has the primary responsibility for developing accounting principles in the United States. The IRS (Internal Revenue Service) is responsible for enforcing tax laws and collecting taxes. The SEC (Securities and Exchange Commission) has the authority to set accounting and financial reporting standards for publicly traded companies, but it does not have the primary responsibility for developing accounting principles. The AICPA (American Institute of Certified Public Accountants) is a professional organization for accountants and does not have regulatory authority over accounting principles.

Which One of the Following Is the Authoritative Body Having