Which of the Following Is NOT a Major Standard-Setting Body

question 26

Multiple Choice

Which of the following is NOT a major standard-setting body responsible for the establishment of U.S. and international GAAP (Generally Accepted Accounting Principles) ?

• A) SEC (Securities Exchange Commission)
• B) PCAOB (Public Company Accounting Oversight Board)
• C) FASB (Financial Accounting Standards Board)
• D) IASB (International Accounting Standards Board)

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Definitions:

Arbitrary

Refers to decisions or actions not based on system or rules but rather on personal discretion or random choice.

Context Bound

Referring to communication or behavior that is heavily influenced by its surrounding circumstances, environment, or cultural setting.

Concrete

Pertaining to material objects, physical construction, or specific, tangible ideas as opposed to abstract concepts.

Symbolic Interaction Theory

Theory that people make sense of the world based on their interpretation of words or symbols used by others.