Accounting principles are governed by
A) FIFO.
B) CFA.
C) IRS.
D) FASB.

Name: Accounting principles are governed by A) FIFO. B) CFA. C) IRS. D) FASB.
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Question

Quizplus · Accepted Answer

Accounting principles are governed by the Financial Accounting Standards Board (FASB) which is responsible for setting the Generally Accepted Accounting Principles (GAAP) in the United States. FIFO, CFA, and IRS are not governing bodies for accounting principles but rather specific accounting methods or organizations.

Accounting Principles Are Governed by