Generally Accepted Accounting Principles are formulated directly by the ________.
A) American Institute of Certified Public Accountants
B) Financial Accounting Standards Board
C) Internal Revenue Service
D) Congress

Question

Quizplus · Accepted Answer

Generally Accepted Accounting Principles (GAAP) are formulated directly by the Financial Accounting Standards Board (FASB). The American Institute of Certified Public Accountants (AICPA) contributes to the development of GAAP, but it does not formulate them directly. The Internal Revenue Service (IRS) and Congress do not have direct involvement in formulating GAAP.

Generally Accepted Accounting Principles Are Formulated Directly by the ________