Which of the Following Statements Is True

question 77

Multiple Choice

Which of the following statements is true?

• A) Accounting standard setting began in the United States when the AICPA formed the Committee on Accounting Procedure.
• B) Accounting standard setting began in the United States when the SEC formed the Committee on Accounting Procedure.
• C) Accounting standard setting began in the United States when the AICPA formed the Accounting Principles Board.
• D) Accounting standard setting began in the United States when the FASB formed the Committee on Accounting Procedure.

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Definitions:

Income

The financial gain received by an individual or a business in exchange for providing goods, rendering services, or through investing capital.

Retained Earnings

The part of a company's net earnings not paid out as dividends but kept within the company.

Service Period

The duration for which a service is provided or expected to be provided, often used in the context of accounting for employee benefits or service contracts.