Ask Question
6 February, 19:45

The FASB has the authority to establish accounting and financial reporting standards for which of the following? a) both answers are true b) neither answer is true c) private not-for-profits d) commercial businesses

+3
Answers (1)
  1. 6 February, 23:20
    0
    c) private not-for-profits

    Explanation:

    The FASB is an independent non-profit organization whose responsibility involves establishing and implementing accounting and reporting standards in the US. The Generally Accepted Accounting Principles (GAAP) guides FASB or Financial Accounting and Standards Board in fulfilling its mandate.

    The FASB has the authority to interpret the GAAP for all organizations, including private and public companies, as well as profit and non-profit institutions. FASB set accounting rules and regulations to ensure standards and uniformity in the accounting industry.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The FASB has the authority to establish accounting and financial reporting standards for which of the following? a) both answers are true ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers