The Financial Accounting Standards Board is responsible for
A)auditing financial statements.
B)making recommendations to the Securities and Exchange Commission.
C)developing generally accepted accounting principles.
D)establishing accounting systems for businesses.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is responsible for developing generally accepted accounting principles (GAAP) in the United States. These principles guide the preparation of financial statements and ensure that they are transparent and consistent across all industries. FASB does not audit financial statements, make recommendations to the Securities and Exchange Commission, or establish accounting systems for businesses.

The Financial Accounting Standards Board Is Responsible for