Responsibility for Establishing Generally Accepted Accounting Principles (GAAP) for Nongovernmental

question 51

Multiple Choice

Responsibility for establishing generally accepted accounting principles (GAAP) for nongovernmental, not-for-profit organizations rests with the FASB and was most clearly established:

• A) By the FASB Codification.
• B) When the FASB was created in 1974.
• C) When the GASB was created in 1984.
• D) In the AICPA's Statement of Auditing Standards No. 69 (hierarchy of GAAP).

---

Definitions:

Sternberg's Theory

A conceptual framework proposed by Robert Sternberg that outlines different facets of human intelligence, creativity, and love.

Components of Love

Theory by psychologist Robert Sternberg that identifies three fundamental elements of love: intimacy, passion, and commitment, which combine to form different types of relationships.

Display Rules

Culturally specific guidelines that dictate how emotions should be expressed and when and where their expression is appropriate.

American Culture

The set of customs, traditions, language, values, and social norms that characterize the United States of America and its people.