Which one of the following is the authoritative body in the United States having 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 having the primary responsibility for developing accounting principles. The Internal Revenue Service (IRS) is responsible for collecting taxes, the Securities and Exchange Commission (SEC) oversees financial reporting for publicly traded companies, and the American Institute of Certified Public Accountants (AICPA) is a professional organization for accountants.

Which One of the Following Is the Authoritative Body in the United