Which of the Following Has Primary Responsibility to Develop Generally

question 123

Multiple Choice

Which of the following has primary responsibility to develop Generally Accepted Accounting Principles?

• A)Financial Accounting Standards Board.
• B)Company Executives.
• C)Securities and Exchange Commission.
• D)Public Company Accounting Oversight Board.

---

Definitions:

Standard of Living

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Public Good

A good that is non-excludable and non-rivalrous, meaning that one person's consumption does not reduce its availability to others and people cannot be prevented from using it.

Communist Governments

Government systems where the state owns and controls all major aspects of the economy, aiming for classless society and elimination of private property.

Circular Flow Diagram

A visual model of the economy that shows how dollars flow through markets among households and firms.