The Private Group That Currently Has the Authority to Establish

question 211

Multiple Choice

The private group that currently has the authority to establish generally accepted accounting principles in the United States is the:

• A) APB.
• B) FASB.
• C) AAA.
• D) AICPA.
• E) SEC.

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Definitions:

Startup Business

A nascent company aiming to fill a gap in the market and rapidly grow in terms of customers and revenues.

Liability

The state of being legally responsible for something, typically referring to the obligation to compensate others for loss or damage caused by one’s actions.

Control

The power or authority to manage, direct, or influence something or someone's actions or operations.

Doctrine

A principle or body of principles presented for acceptance or belief by a religious, political, scientific, or philosophic group.