The Statements of Financial Accounting Standards that automatically become generally accepted accounting principles are issued by
A) the IRS.
B) the SEC.
C) the FASB.
D) the AICPA.

Question

Quizplus · Accepted Answer

The FASB (Financial Accounting Standards Board) is responsible for issuing Statements of Financial Accounting Standards (SFAS) that become generally accepted accounting principles (GAAP).

The Statements of Financial Accounting Standards That Automatically Become Generally