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 $\begin{array}{cc}&\text { FASB }&\mathrm{SEC}\\a.&\text { no } & \text { no } \\b.&\text { yes } & \text { no } \\c.&\text { no } & \text { yes } \\d.&\text { yes } & \text { ves }\end{array}$

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Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the business's normal operating cycle if longer.

Operating Cycle

The average period of time it takes for a business to convert its inventory into cash through sales.

Twelve Months

A term commonly used in finance and business to refer to a full fiscal or calendar year.

Long-Term Debt

Debt obligations due for repayment in more than one year, often used for significant business investments.