Questions: The generally accepted accounting principles (GAAP) are set by: The United States Congress. The Financial Accounting Standards Board (FASB). Securities Exchange Commission (SEC). The Federal Reserve Board (FRB).

The answer is: The Financial Accounting Standards Board (FASB).

Explanation for each option:

1. The United States Congress: This is incorrect. While Congress has the authority to enact laws that can affect accounting practices, it does not set the generally accepted accounting principles (GAAP).

2. The Financial Accounting Standards Board (FASB): This is correct. The FASB is an independent, private-sector organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow GAAP.

3. Securities Exchange Commission (SEC): This is incorrect. The SEC oversees the securities industry and enforces federal securities laws, but it does not set GAAP. However, the SEC does have the authority to establish accounting standards for publicly traded companies and has historically relied on the FASB to set these standards.

4. The Federal Reserve Board (FRB): This is incorrect. The FRB is responsible for the monetary policy of the United States and does not set accounting standards.

In summary, the FASB is the organization responsible for setting the generally accepted accounting principles (GAAP) in the United States.