Which of the Following Organizations Is Primarily Responsible for Establishing

question 20

Multiple Choice

Which of the following organizations is primarily responsible for establishing GAAP in the United States?

• A)Securities Exchange Commission (SEC)
• B)Financial Accounting Standards Board (FASB)
• C)International Accounting Standards Board (IASB)
• D)Internal Revenue Service (IRS)

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Definitions:

Free Trade

An economic policy that allows imports and exports between countries with few or no tariffs, quotas, or prohibitions.

Bilateral Trade Agreement

A trade pact between two countries to facilitate trading and commerce, reducing tariffs and other trade barriers to mutually benefit the economies of the two nations.

Safety Standards

Established norms and criteria designed to ensure products, services, or environments are safe for use or occupation.

Limit Inflow

Measures or policies set to restrict the amount of incoming resources, funds, or foreign currencies into a country or system.