The Financial Accounting Standards Board is responsible for establishing:
A) the code of professional conduct for accountants.
B) the Securities and Exchange Commission.
C) generally accepted accounting principles.
D) international accounting financial standards.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is responsible for establishing generally accepted accounting principles (GAAP) in the United States. GAAP is a set of accounting standards and principles used to govern financial reporting by companies.

The Financial Accounting Standards Board Is Responsible for Establishing