Which of the following organizations is responsible for the creation and governance of accounting standards in the United States?
A) Financial Accounting Standards Board
B) Institute of Management Accountants
C) American Institute of Certified Public Accountants
D) Securities and Exchange Commission

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) is responsible for creating and governing accounting standards in the United States. While the other organizations mentioned (Institute of Management Accountants, American Institute of Certified Public Accountants, Securities and Exchange Commission) play important roles in the accounting industry, they do not have the same level of responsibility as the FASB in setting and maintaining accounting standards.

Which of the Following Organizations Is Responsible for the Creation