The accounting profession follows generally accepted accounting principles as defined by ___________________.
A)the GAAP
B)the PCAOB Public Company Accounting Oversight Board)
C)the FASB Financial Accounting Standards Board)
D)the Sarbanes-Oxley Act

Question

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) are defined and updated by the Financial Accounting Standards Board (FASB). The PCAOB and Sarbanes-Oxley Act are regulatory bodies and legislation that oversee the accounting profession, but do not determine accounting principles.

The Accounting Profession Follows Generally Accepted Accounting Principles as Defined