1.To which organization has Congress given the power to set accounting principles for public companies?

A. Internal Revenue Service

B. Financial Accounting Standards Board

C. Securities and Exchange Commission

D. American Accounting Association

E. None of these.

2.The Financial Accounting Standards Board:

A. is a branch of government.

B. has been replaced by the Accounting Principles Board.

C. replaced the IASB.

D. is composed primarily of accounting instructors.

E. None of these.