Accounting Principles: Primary Current Source for GAAP | Test Prep

The Primary Current Source of Generally Accepted Accounting Principles Rests With the CFA® Level 1 Exam.

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Question

The primary current source of generally accepted accounting principles rests with the ________.

Answers

A. Securities and Exchange Commission

B. Institute of Management Accountants

C. American Institute of Certified Public Accountants

D. New York Stock Exchange

E. Financial Accounting Standards Board E

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Explanations

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A. B. C. D. E.

Explanation

FASB was created as an autonomous body with the responsibility of establishing financial accounting standards. It is responsible to hear all viewpoints from the entire economic community and be unbiased.

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