Question

In the United States, the ultimate legal authority to set and enforce accounting standards lies with the _____.

Answer 1

The ultimate legal authority to set and enforce accounting standards in the United States lies with the Financial Accounting Standards Board (FASB).

Step-by-step explanation:

In the United States, the ultimate legal authority to set and enforce accounting standards lies with the Financial Accounting Standards Board (FASB). FASB is a private, non-profit organization that was established in 1973. It has the power to establish and modify accounting principles that are used by businesses and other organizations.