Which of the Following Is Not a Major Standard-Setting Body

question 35

Multiple Choice

Which of the following is not a major standard-setting body responsible for the establishment of U.S. and international GAAP Generally Accepted Accounting Principles) ?

• A) SEC Securities Exchange Commission)
• B) PCAOB Public Company Accounting Oversight Board)
• C) FASB Financial Accounting Standards Board)
• D) IASB International Accounting Standards Board)

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Definitions:

Socialism

An economic and political system where the means of production, distribution, and exchange are owned or regulated by the community as a whole.

Negative Income Tax

A proposed form of welfare where individuals earning below a certain threshold receive supplemental pay from the government instead of paying taxes.

Top 20%

Refers to the highest earning or most successful 20% of a population or group in a specific context.

Negative Income Tax

A fiscal mechanism where individuals earning below a certain threshold receive supplemental pay from the government instead of paying taxes.