The Statements of Financial Accounting Standards That Automatically Become Generally

question 24

Multiple Choice

The Statements of Financial Accounting Standards that automatically become generally accepted accounting principles are issued by

• A)the SEC.
• B)the AICPA.
• C)the FASB.
• D)the IRS.

---

Definitions:

Discredit

To harm the reputation or credibility of someone or something, often by providing evidence of wrongdoing.

Formal Authority

It is the right granted to individuals within organizations to make decisions, give orders, and enforce obedience based on their position or role.

Legitimate Power

Authority that is recognized and accepted by others due to a person's position or role.

Organizational Structure

The arrangement of roles, responsibilities, and relationships within an organization, determining how activities are directed and managed.