Which of the Following Has the Statutory Authority to Set

question 69

Multiple Choice

Which of the following has the statutory authority to set accounting standards in the United States?

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

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Definitions:

Credit Applicant

A Credit Applicant is an individual or business entity that applies for a loan or line of credit from a lending institution.

Credit Agencies

Organizations that assign credit ratings for issuers of certain types of debt securities, with the ratings based on the issuer's ability to pay back debt.

Financial Statements

Formal records of the financial activities and position of a business, individual, or other entity, typically comprising the balance sheet, income statement, and cash flow statement.

Compensating Balances

Minimum balance requirements imposed by banks on certain accounts, which businesses must maintain in order to receive some form of credit or service.