Lee, an accountant, is subject to the ac?counting conventions, rules, and procedures that constitute generally ac?cepted accounting principles (GAAP). GAAP are determined by

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The Financial Accounting Standards Board (FASB) is the entity responsible for determining generally accepted accounting principles (GAAP) in the United States. It sets accounting standards and guidelines that must be followed by accountants and financial professionals in order to ensure financial statements are accurate and comparable across different entities. The other options, such as state courts or the American Bar Association, do not have the authority or expertise to set GAAP. The American Institute of Certified Public Accountants (AICPA) does play a role in setting ethical and professional standards for accountants, but it is not responsible for determining GAAP.

Lee, an Accountant, Is Subject to the Ac?counting Conventions, Rules