Definition Accounting Term Oversees the creation and governance of accounting standards in the United States FASB Requires an organization to be a separate economic unit Cost principle Oversees U.S. financial markets Going concern assumption States that acquired assets and services should be recorded at their actual cost GAAP Creates International Financial Reporting Standards SEC The main U.S. accounting rule book Going concern assumption Assumes that an entity will remain in operation for the foreseeable future Economic entity assumption Assumes that items on the financial statements are recorded in a monetary unit Monetary unit assumption Requires information to be complete, neutral, and free from material error ▼

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1 FASB Financial Accounting Standards Board The FASB is a private nonprofit organization that oversees the development and implementation of accounting standards in the United States It operates under ... View the full answer