The Organization(s) Primarily Responsible for Establishing Generally Accepted Accounting Principles

question 132

Short Answer

The organization(s) primarily responsible for establishing generally accepted accounting principles is(are) the $\begin{array}{cc}&\text { FASB }&\mathrm{SEC}\\a.&\text { no } & \text { no } \\b.&\text { yes } & \text { no } \\c.&\text { no } & \text { yes } \\d.&\text { yes } & \text { ves }\end{array}$

---

Definitions:

Stare Decisis

A legal principle that obliges courts to follow the rulings of higher courts in similar cases to ensure consistency and predictability in the law.

Precedents

Past legal decisions or rulings that serve as a guide for determining outcomes in similar future cases.

Jurisdictions

The authority given to legal bodies to make legal decisions and judgments, often defined by geographic area or subject matter.

Separate Educational Facilities

Schools and educational institutions segregated by race or other discriminatory criteria, historically prevalent in the United States.