Generally accepted accounting principles were established by the American Accounting Association in 1934 and are updated annually by Congress.

Question

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) were established by the Financial Accounting Standards Board (FASB) in the United States, not the American Accounting Association, and they are updated by the FASB, not Congress.

Generally Accepted Accounting Principles Were Established by the American Accounting