Question

This private group sets both broad and specific accounting principles.

a) International Accounting Standards Board (IASB)
b) Financial Accounting Standards Board (FASB)
c) Generally Accepted Accounting Principles (GAAP)
d) Securities and Exchange Commission (SEC)

Answer 1

The Financial Accounting Standards Board (FASB) is the private group responsible for setting broad and specific accounting principles in the United States.

Step-by-step explanation:

The private group that sets both broad and specific accounting principles is the Financial Accounting Standards Board (FASB). While the International Accounting Standards Board (IASB) develops global accounting standards known as IFRS (International Financial Reporting Standards), the FASB establishes accounting standards within the United States. The Generally Accepted Accounting Principles (GAAP) refers to the common set of accounting principles, standards, and procedures that companies in the U.S. use to compile their financial statements. The Securities and Exchange Commission (SEC) is a government agency that oversees the investment industry and enforces laws pertaining to the trading of securities.