BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Hiring chief executive officers for large corporations
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Pressing charges against employees accused of fraud
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Hiring the boards of directors for major corporations
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Establishing and improving generally accepted accounting principles
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Detailed explanation-1: -The collective mission of the FASB, the GASB, and the FAF is to establish and improve financial accounting and reporting standards to provide useful information to investors and other users of financial reports and educate stakeholders on how to most effectively understand and implement those standards.
Detailed explanation-2: -The Financial Accounting Standards Board (FASB) is the body primarily responsible for developing rules governing US generally accepted accounting principles and practices.
Detailed explanation-3: -The correct answer is (c) FASB produces accounting standards that apply to virtually all companies in the United States. Remark: The Financial Accounting Standards Board was founded in 1973.
Detailed explanation-4: -Generally accepted accounting principles (GAAP) refer to a common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board (FASB). Public companies in the U.S. must follow GAAP when their accountants compile their financial statements.
Detailed explanation-5: -The International Accounting Standards Board (IASB) is an independent, private-sector body that develops and approves International Financial Reporting Standards (IFRSs).