Question $11(1$ point$)$

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The first formal accounting standard setting activity in the United States began:

A$)$ during the Industrial Revolution in the mid$-{19}^{th}$ century in response to the need to protect the financial interests of absentee owners of corporations.

B$)$ during the late ${19}^{th}$ century when British accounting standards were Imposed on U$.$S$.$ publicly$-$traded companies wishing to attract British capital.

C$)$ in the carly $1930$s when the American Accounting Institute $($ALA$)$ and the New York Stock Exchange $($NYSE$)$ agreed on five broad principles of accounting.

D$)$ In the early $1930$s when the Securities and Exchange Commission $($SEC$)$ delegated its statutory authority to regulate U$.$S$.$ accounting standards to the Financlal Accounting Standards Board $($FASB$).$