Which of the Following Has Primary Responsibility to Develop Generally

question 86

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 & Exchange Commission.
• D)Public Company Accounting Oversight BoarD.The Securities and Exchange Commission has charged the Financial Accounting Standards Board with developing Generally Accepted Accounting Principles.

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Definitions:

Tariff

A tax imposed by a government on imported goods.

Restrictions

Limitations or regulations imposed to control or limit certain actions or activities within a specific context.

Net Loss

The total amount by which expenses exceed revenues over a certain period, indicating financial loss.

Tariff

A levy placed by a government on imported goods and services from abroad, aimed at regulating the amount of trade and safeguarding local businesses.