The most important body for developing rules on accounting practice is currently the
A) Governmental Accounting Standards Board (GASB).
B) Financial Accounting Standards Board (FASB).
C) Public Company Accounting Oversight Board (PCAOB).
D) Internal Revenue Service (IRS).

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is the primary standard-setting organization for accounting practices in the United States. The FASB develops and issues generally accepted accounting principles (GAAP) for public and private companies, nonprofit organizations, and state and local governments. The other options, while also involved in accounting regulations, are not considered the most important body for developing accounting rules.

The Most Important Body for Developing Rules on Accounting Practice