Final answer:
The Financial Accounting Standards Board (FASB) is a private entity with the authority to set accounting standards in the US, thus the answer is True. Contrarily, the Panic of 1819 decreased faith in the Second Bank of the United States, making that statement False.
Step-by-step explanation:
The Financial Accounting Standards Board (FASB) is indeed a privately funded organization that holds the authority for establishing accounting standards for businesses in the United States. Therefore, the correct answer to the question is True. The FASB operates under the oversight of the Financial Accounting Foundation (FAF) and is recognized by the Securities and Exchange Commission (SEC) as the designated accounting standard setter for public companies.
Addressing the hint provided, the statement that the Panic of 1819 increased the American people's faith in the Second Bank of the United States is False. The economic crisis actually undermined public confidence in the Second Bank, which was largely blamed for its role in causing the financial difficulties of that time.
The Financial Accounting Standards Board (FASB) is a private, not-for-profit organization that has authority for establishing accounting standards for businesses in the US. It was established in 1973 and is funded through the sale of publications, subscriptions, and fees for services. FASB's mission is to provide transparent financial reporting that is relevant and reliable.