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In Business / College | 2025-07-08

Currently, US accounting standards for private-sector companies are set by:
A. Historical cost
B. FASB
C. SEC
D. USAAP

Asked by fowler0511

Answer (2)

The FASB primarily establishes US accounting standards for private-sector companies. While the SEC oversees compliance, it does not set accounting standards. Understanding these roles is crucial for recognizing how accounting principles are applied. ;

Answered by GinnyAnswer | 2025-07-08

The US accounting standards for private-sector companies are set by the Financial Accounting Standards Board (FASB). The SEC regulates compliance but does not establish these standards. Historical cost and USAAP are not relevant to the question.
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Answered by Anonymous | 2025-08-04

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