The responsibility of the Financial Accounting Foundation is to elect the board of trustees, which selects FASB members, funds the board's activities, and performs the oversight role.

Name: The responsibility of the Financial Accounting Foundation is to elect the board of trustees, which selects FASB members, funds the board's activities, and performs the oversight role.
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This is a correct statement about the responsibility of the Financial Accounting Foundation.

The Responsibility of the Financial Accounting Foundation Is to Elect