Which of the following is the authoritative body in the United States that has the primary responsibility for developing accounting principles?
A) FASB
B) IRS
C) SEC
D) AICPA

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is the authoritative body in the United States that has the primary responsibility for developing accounting principles. The Internal Revenue Service (IRS) is responsible for enforcing tax laws and collecting taxes. The Securities and Exchange Commission (SEC) oversees financial markets and requires public companies to follow Generally Accepted Accounting Principles (GAAP) set by the FASB. The American Institute of Certified Public Accountants (AICPA) provides guidance to and sets ethical standards for its members. However, the FASB has the ultimate authority in setting accounting principles in the United States.

Which of the Following Is the Authoritative Body in the United