The hierarchy (1 is top)of U.S.accounting rule-making responsibility is
A)1.congress,2.AICPA,3.FASB.
B)1.SEC,2.IASB,3.FASB.
C)1.FASB,2.IASB,3.AICPA.
D)1.congress,2.SEC,3.FASB.
E)1.PCAOB,2.FASB,3.IASB.

Question

Quizplus · Accepted Answer

The hierarchy of U.S. accounting rule-making responsibility starts with Congress as the ultimate authority, followed by the SEC, and then the FASB. The AICPA is not a rule-making body and the IASB is responsible for international accounting standards, not U.S. standards. The PCAOB is responsible for overseeing public company auditors, not accounting rule-making.

The Hierarchy (1 Is Top)of U