The Independent,private-Sector Group That Is Primarily Responsible for Setting Financial

question 34

Multiple Choice

The independent,private-sector group that is primarily responsible for setting financial reporting standards in the United States is the:

• A)FASB.
• B)IASB.
• C)SEC.

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Definitions:

Receiver Understands

The concept that the receiver of a message comprehends the information as intended by the sender.

Phone System

A multi-line communication system typically used in businesses for facilitating calls, voicemails, and conferencing.

Rationalization

The process of offering a logical or rational explanation for behaviors or attitudes that may otherwise appear irrational.

Socially Acceptable

Behaviors or practices widely accepted and approved by society or a specific societal group.