Which of the Following Groups Has the Primary Responsibility for Establishing

question 28

Multiple Choice

Which of the following groups has the primary responsibility for establishing generally accepted accounting principles for business entities in the United States?

• A)Internal Revenue Service.
• B)U.S. Congress.
• C)Financial Accounting Standards Board.
• D)International Accounting Standards BoarD.The Financial Accounting Standards Board is a privately funded group charged with establishing accounting standards for the U.S. It is not a branch of the U.S. government.

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Definitions:

Utility Function

A mathematical representation in economics that quantifies an individual's preference for certain goods or outcomes over others.

Nuts

Edible seeds typically encased in a hard shell, commonly consumed as snacks or used in various recipes.

Berries

Small, pulpy, and often edible fruits that are typically juicy, rounded, brightly colored, and have seeds.

Utility Function

A mathematical expression that represents a consumer's preference ranking over a set of goods and services.