Which of the following is one of the organizations in which the author

QUESTION

Which of the following is one of the organizations in which the authority for the GAAP rests?

A) Securities and Exchange Commission
B) Governmental Accounting Board of Standards
C) Government Accountability Office
D) Federal Accounting Board of Management
E) Congress

ANSWER

Answer: A
Explanation: A) The authority for the GAAP is with two organizations: the Security and Exchange Commission and the Financial Accounting Standards Board.