An accounting principle must receive substantial authoritative support to qualify as generally accepted.Among the organizations and agencies that have been influential in the development of generally accepted accounting principles,which of the following has provided the most influential leadership?
A)Internal Revenue Service.
B)Institute of Management Accountants.
C)Financial Accounting Standards Board.
D)New York Stock Exchange.

Question

Quizplus · Accepted Answer

Among the options given, the Financial Accounting Standards Board (FASB) has provided the most influential leadership in the development of generally accepted accounting principles. As the primary organization responsible for setting accounting standards in the United States, the FASB works to develop and improve financial reporting standards. Its standards carry substantial authoritative support and are widely used in practice. While the other organizations listed also play important roles in the accounting profession, they do not have the same level of influence over the development of generally accepted accounting principles as the FASB.

An Accounting Principle Must Receive Substantial Authoritative Support to Qualify