The Body That Has the Power to Prescribe the Accounting

question 117

Multiple Choice

The body that has the power to prescribe the accounting practices and standards used by most US companies is the

• A) FASB.
• B) IASB.
• C) GAAP.
• D) IFRS.

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Definitions:

Making Assumptions

The process of forming conclusions or beliefs without having all the necessary information or evidence.

Rational Advice

Guidance or recommendations based on logical reasoning and factual analysis.

Cultural Differences

The varying beliefs, values, behaviors, and social practices observed among people from different cultural backgrounds.

Enlightened Self-interest

The understanding that one's own best interests are served by considering and acting towards the well-being of others.