Question

The Securities and Exchange Commission (SEC) has given the task of setting GAAP to the:

Multiple Choice
a. APB
b. AICPA
c. AAA
d. FASB
e. IASB

Answer 1

The Securities and Exchange Commission has given the task of setting GAAP to the Financial Accounting Standards Board (FASB).

Step-by-step explanation:

The Securities and Exchange Commission (SEC) has given the task of setting GAAP to the Financial Accounting Standards Board (FASB).

GAAP stands for Generally Accepted Accounting Principles and refers to a set of accounting standards and procedures used in the United States. The FASB is an independent organization that develops and updates these principles to ensure consistency and transparency in financial reporting.

The FASB was established in 1973 and has the authority to set accounting standards for public companies, non-profit organizations, and government entities in the US.