Which Organization Has the Power to Set Accounting Rules for Companies

question 64

Multiple Choice

Which organization has the power to set accounting rules for companies whose stock is publicly-traded in the U.S. stock markets, but has delegated its power to another organization?

• A)International Accounting Standards Board (IASB)
• B)Financial Accounting Standards Board (FASB)
• C)General Association of Accounting Practitioners (GAAP)
• D)Securities Exchange Commission (SEC)

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Definitions:

Goal Object

The target or object of a person's ambition or effort; an aim or desired result.

Cathexis

Refers to the concentration of emotional energy on a particular object, individual, or idea.

Single-Trial Learning

Learning that occurs in one exposure to a stimulus, typically seen in situations with significant emotional or survival importance.

Complex Behavior

Actions or series of actions that involve multiple steps, decision-making processes, or behaviors that demonstrate a level of sophistication and are often learned rather than instinctual.