Financial Reporting Concepts: The Standard$-$Setting Environment $-$ Knowledge Check

Knowledge Check

Select the term that best matches each description.

A set of standards and rules that are recognized as a general guide for finarrcial reporting

The agency of the U$.$S$.$ government that oversees U$.$S$.$ financial markets and accounting standard$-$setting bodies

The primary accounting standard$-$setting body in the United States

Determines U$.$S$.$ auditing standards and reviews the performance of auditing firms

Issues standards which have been adopted by many countries outside of the United States

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