The authoritative body currently responsible for establishing accounting practice is the
A)Internal Revenue Service.
B)Financial Accounting Standards Board.
C)American Institute of Certified Public Accountants.
D)Federal Reserve Board.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is the authoritative body currently responsible for establishing accounting practice in the United States. The Internal Revenue Service (IRS) is responsible for enforcing tax laws, the American Institute of Certified Public Accountants (AICPA) is a professional organization for accountants, and the Federal Reserve Board is responsible for monetary policy. However, none of these entities are responsible for setting accounting standards.

The Authoritative Body Currently Responsible for Establishing Accounting Practice Is