Three organizations important to accounting are listed below.Select the organization that most closely achieves the role described.
-Has the ultimate authority to set accounting standards, but has allowed the profession to do so.
A)American Institute of Certified Public Accountants (AICPA)
B)Financial Accounting Standards Board (FASB)
C)Securities and Exchange Commission (SEC)

Question

Quizplus · Accepted Answer

The Securities and Exchange Commission (SEC) has the ultimate authority to set accounting standards in the United States, but it has historically allowed the accounting profession to self-regulate to a significant extent, delegating the detailed development of accounting standards to organizations like the Financial Accounting Standards Board (FASB).

Three Organizations Important to Accounting Are Listed Below