GAAPs are created and maintained by which organization?
GAAPs are created and maintained by which organization?
The American Institute of Certified Public Accountants (AICPA) plays a significant role in the development and maintenance of accounting standards in the United States. Generally Accepted Accounting Principles (GAAP) are primarily established by the Financial Accounting Standards Board (FASB), but the AICPA provides considerable support in this process.
AIPCA is short for American Institute of Certified Public Accountants
The answer given states "Practices" instead of "Principles". This needs to be corrected. GAAP=Generally Accepted Accounting Principles https://en.wikipedia.org/wiki/Generally_Accepted_Accounting_Principles_(United_States)
Generally Accepted Accounting Principles (GAAPs) are created and maintained by: B. AICPA (American Institute of Certified Public Accountants) Explanation: A. ISO/IEC: The International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) develop and publish international standards, but they are not responsible for accounting standards like GAAP. B. AICPA (American Institute of Certified Public Accountants): The AICPA plays a significant role in the development and maintenance of accounting standards in the United States. However, it's worth noting that the Financial Accounting Standards Board (FASB) is the primary organization that establishes GAAP. The AICPA supports the FASB in this role. C. PCI Council: The Payment Card Industry Security Standards Council (PCI SSC) is responsible for the PCI Data Security Standards (PCI DSS), which relate to payment card security, not accounting standards. D. ISO: The International Organization for Standardization (ISO) develops international standards across various industries, but it does not create or maintain GAAP.