Which of the following groups has the primary responsibility for establishing generally accepted accounting principles for business entities in the United States?
A) Internal Revenue Service.
B) U.S. Congress.
C) Financial Accounting Standards Board.
D) International Accounting Standards Board.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board is a privately funded group charged with establishing accounting standards for the U.S. It is not a branch of the U.S. government.

Which of the Following Groups Has the Primary Responsibility for Establishing