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True or false: The Financial Accounting Standards Board defines the generally accepted accounting principles that accountants must follow.

Question

True or false:

The Financial Accounting Standards Board defines the generally accepted accounting principles that accountants must follow.

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Solution

True. The Financial Accounting Standards Board (FASB) is indeed responsible for establishing and improving the Generally Accepted Accounting Principles (GAAP) in the United States. GAAP comprises a set of accounting standards, principles, and procedures that organizations must adhere to when compili

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