The Financial Accounting Standards Board (FASB) has been given the authority by the
Securities and Exchange Commission (SEC) to develop generally accepted accounting
principles.
Answer: TRUE
Explanation: Previously the Securities and Exchange Commission worked with organizations of
professional accountants to develop generally accepted accounting principles; today this is a
responsibility of the Financial Accounting Standards Board.
The Financial Accounting Standards Board (FASB) has been given the authority by the Securities and Exchange Commission
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