Question

The primary accounting standard-setting body in the United States is the Financial Accounting Standards Board (FASB)

a true
b false

Answer 1

The statement is (a) true; the Financial Accounting Standards Board (FASB) is the primary accounting standard-setting body in the United States.

Step-by-step explanation:

The Financial Accounting Standards Board (FASB) is indeed the primary accounting standard-setting body in the United States. Therefore, the statement is true. The FASB is responsible for establishing and improving standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.

As of the knowledge cutoff in 2023, the FASB operates under the auspices of the Financial Accounting Foundation (FAF), an independent, private-sector organization.