Which Organization Is Responsible for Promulgating U.S. GAAP

question 61

Multiple Choice

Which organization is responsible for promulgating U.S. GAAP?

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

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Definitions:

Journal

A detailed record where all financial transactions of a business are initially recorded before being transferred to accounts in the ledger.

Chart of Accounts

A systematic list of all account titles and numbers used by a company to organize its financial transactions and prepare financial statements.

Debits

Accounting entries that increase asset or expense accounts, or decrease liability, equity, or revenue accounts; they are recorded on the left side of accounting ledgers.

Credits

Accounting entries that increase liabilities or equity or that decrease assets.