The Financial Accounting Standards Board is:
A) Responsible for the review and audit of federal income tax returns.
B) Primarily concerned with the preparation of the annual federal budget.
C) A private group that conducts research and issues Statements that represent authoritative expressions of generally accepted accounting principles.
D) A government agency with legal authority to approve or disapprove the financial statements of corporations that sell their securities to the public.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is a private organization responsible for conducting research and issuing authoritative Statements of Financial Accounting Standards (SFASs) that represent generally accepted accounting principles (GAAP). FASB does not audit tax returns, prepare the federal budget or have legal authority to approve or disapprove the financial statements of corporations.

The Financial Accounting Standards Board Is