Question

3. . By law, the setting of accounting standards is the responsibility of the: a. Financial...

3. . By law, the setting of accounting standards is the responsibility of the:

a.

Financial Accounting Standards Board.

b.

New York Stock Exchange.

c.

Accounting Principles Board.

d.

Securities and Exchange Commission.
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Homework Answers

Answer #1

New York stock exchange is where the securities of company are listed and is not responsible for setting accounting standard.

Thus, option (b) is incorrect

Accounting principle board is authority responsible for issuing accounting theory and principle which are different from accountant standard.

Thus, option (c) is incorrect

Securities and exchange commission is responsible for protecting interest of investors and issues guidelines for trading of shares by company. It regulates the exchange.

Thus, option (d) is incorrect

Financial accounting standard board (FASB) is responsible for setting accounting standard. These committee is formed specifically for setting and creating the accounting standard.

Thus, option (a) is correct

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