The authoritative body that is responsible for setting Gener

The authoritative body that is responsible for setting Generally Accepted Accounting Standards is: Internal Revenue service (IRS) Security and Exchange Commission (SEC) Financial Accounting and Standard Board (FASB) o CAmerican Institute of Certified Public Accountants (AICPA)

Solution

The Answer is “ Financial Accounting and Standard Board (FASB) “

- Financial Accounting Standards Board (FASB) is is responsible for setting generally accepted accounting standard.

- The Financial Accounting and Standards (FASB) Board is organizational entity who is responsible for generally accepted accounting principles in the United States (US).

- The Financial Accounting and Standard Board (FASB) has the authority to formulate and regulate the generally accepted accounting principles and standards in the United States.