Questions: Ch 01 Review Saved Help Save Exit Submit 15 Ch 1 Section Review 2.3 (Static) Generally accepted accounting principles are developed... LO 1-5 1.05 Generally accepted accounting principles are developed by the Financial Accounting Standards Board (FASB) through proposed points statements and solicitation of feedback from interested individuals, groups, and companies. Subsequently, the FASB evaluates the opinions received and votes on the statements. eBook Ask True or False Print References True False Mc

The answer is True: Generally accepted accounting principles are developed by the Financial Accounting Standards Board (FASB) through proposed points statements and solicitation of feedback from interested individuals, groups, and companies. Subsequently, the FASB evaluates the opinions received and votes on the statements.

Explanation: The Financial Accounting Standards Board (FASB) is responsible for establishing and improving financial accounting and reporting standards in the United States. The process involves issuing proposed statements, soliciting feedback from various stakeholders, and then evaluating the feedback before finalizing and voting on the standards. This collaborative and iterative process ensures that the standards are well-considered and broadly accepted.