The ________ issues pronouncements that are guidelines for accounting practice.

Question

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FASB (Financial Accounting Standards Board) issues pronouncements that are guidelines for accounting practice, such as Generally Accepted Accounting Principles (GAAP). SEC (Securities and Exchange Commission) oversees the activities of FASB, but does not issue accounting standards. IRS (Internal Revenue Service) is a government agency responsible for collecting taxes, but does not issue accounting guidelines.

The ________ Issues Pronouncements That Are Guidelines for Accounting Practice