The Body That Has the Power to Prescribe the Accounting

question 117

Multiple Choice

The body that has the power to prescribe the accounting practices and standards used by most US companies is the

• A) FASB.
• B) IASB.
• C) GAAP.
• D) IFRS.

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Definitions:

ERP System

Enterprise Resource Planning system, a software platform used by organizations to manage day-to-day business activities such as accounting, procurement, project management, and manufacturing.

FAIS

The Financial Advisory and Intermediary Services Act, a regulation aiming to protect consumers by regulating financial service providers in certain jurisdictions.

Lack of Communication

A situation where insufficient or ineffective exchange of information leads to misunderstandings or conflicts.

Acquire Goods

The process of obtaining physical or digital products through purchase, lease, or barter to support an organization's operations or inventory.