What Is the Role of the Accounting Profession in the US

question 18

Multiple Choice

What is the role of the accounting profession in the US with regard to stipulating accounting standards?

• A) It has the authority to develop and issue accounting standards.
• B) It has been delegated responsibility from the Securities and Exchange Commission, providing it performs such duties diligently.
• C) Indirect authority. Standards are issued by the Accounting Principles Board, a committee of the accounting professional bodies.
• D) No authority. Standards are issued by the Federal Accounting Standards Board, which is independent of the accounting profession.

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Definitions:

Truth-functional Compound

A compound statement whose truth value is determined by the truth values of its constituent statements through specific logical operations.

Quantifier

A logical operator that specifies the quantity of specimens in the domain of discourse that satisfies an open formula.

Atomic Open Sentence

An expression in logic or mathematics that contains one or more variables and becomes either true or false when the variables are replaced with specific values.

Compound

Pertaining to a substance made up of two or more elements chemically combined in fixed proportions.