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Test Bank Fundamental Financial Accounting Concepts 10th Edition By Thomas Edmonds A+
- From Business, General Business
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1) Which of the following groups has the primary responsibility for establishing generally accepted accounting principles for business entities in the United States?
A) Securities and Exchange Commission
B) U.S. Congress
C) International Accounting Standards Board
D) Financial Accounting Standards Board
Answer: D
Explanation: 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.
Difficulty: 1 Easy
Topic: Role of Accounting In Society
Learning Objective: 01-01 I
Available Answer
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