Which the Following Organizations Is Primarily Responsible for Establishing GAAP

question 41

Multiple Choice

Which the following organizations is primarily responsible for establishing GAAP today?

• A)Financial Accounting Standards Board FASB)
• B)Securities and Exchange Commission SEC)
• C)Internal Revenue Service IRS)
• D)Federal Government

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Definitions:

Adoptive Siblings

Children who are not biologically related but are brought into a familial relationship through the process of adoption by common adoptive parents.

Identical Twins

Siblings born from the same pregnancy who share the same genetic material because they were fertilized from a single zygote that split.

Behavioral Tendencies

Patterns of reaction or action that an individual consistently shows in response to a particular situation.

Personality Trait

Enduring characteristics that describe an individual's behavior, such as introversion or extroversion.