Which of the Following Is the Authoritative Body in the United

question 223

Multiple Choice

Which of the following is the authoritative body in the United States that has the primary responsibility for developing accounting principles?

• A) FASB
• B) IRS
• C) SEC
• D) AICPA

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Definitions:

Comparative Advantage

A concept in international trade that refers to the ability of a country to produce a good or service at a lower opportunity cost than its trade partners.

International Trade

The exchange of goods, services, and capital across international borders or territories.

Cloth Production

The process of creating textile fabrics from natural or synthetic fibers through various methods including weaving, knitting, and felting.

Opportunity Cost

The forfeiture of advantageous outcomes from different possibilities upon making a specific choice.