Knowledge Check

Select the term that best matches each description.

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

Generally Accepted Accounting Principles

Securities and Exchange Commission

Generally Accepted Accounting Principles

International Accounting Standards Board

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