Generally accepted accounting principles (GAAP)were (are)established by:
A)an Italian monk in 1494.
B)the U.S.Congress and the SEC.
C)the PCAOB.
D)the FASB on an ongoing basis.

Question

Quizplus · Accepted Answer

Currently,the Financial Accounting Standards Board (FASB)has the primary responsibility for setting the underlying rules of accounting in the United States.As a group,these rules are called Generally Accepted Accounting Principles,or GAAP for short.

Generally Accepted Accounting Principles (GAAP)were (Are)established By