Question

US generally accepted accounting principles are currently developed by which entity?

a) The Financial Accounting Standards Board (FASB)
b) The International Financial Reporting Standards (IFRS)
c) The Securities and Exchange Commission (SEC)
d) The American Institute of Certified Public Accountants (AICPA)

Answer 1

The Financial Accounting Standards Board (FASB) is responsible for developing US generally accepted accounting principles (GAAP).

Step-by-step explanation:

The correct answer is a) The Financial Accounting Standards Board (FASB). The Financial Accounting Standards Board is the entity responsible for developing and issuing Generally Accepted Accounting Principles (GAAP) in the United States. GAAP is a set of accounting standards and guidelines that companies follow when preparing their financial statements.