QUESTION 16 Which statement is false concerning accounting principles in the United States? O a. The primary accounting standard-setting body in the U.S. is the Financial Accounting Standards Board. O bThe Putic Company Accounting Oversight Board determines auditing standards. O C. The International Accounting Standards Board issues accounting standards that must be followed by all companies, including those in the U.S. that engage in d. The Securities and Exchange Commission oversees US financial markets and accounting standard-setting bodies. international business. QUESTION 17 Under accrual accounting rules, which of the following describes the timing of when revenue is recognized? O a in the period in which the related expenses are paid b. In the period in which the costs associated with earning the revenue are incurred and payment is received for goods sold or work performed O G In the period in which payment is received for goods sold or wark performed O d. Iin the period in which the performance obligation is satisfied