Question 9 (5 points) The independent, nonprofit organization that sets financial accounting and reporting standards for both public and private sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? Financial Accounting Standards Board (FASB) Generally Accepted Accounting Principles (GAAP) Securities Exchange Commission (SEC) conceptual framework Question 7 (5 points) Saved On December 15 of the current year, Myers Legal Services signed a $50,000 contract with a client to provide legal services to the client in the following year. Which accounting principle (or assumption) would require Myers Legal Services to record the legal fees revenue in the following year and not the year the cash was received? Monetary unit assumption Going-concern assumption. Cost principle. Revenue recognition principle O I do not know