The principles, defined by FASB, that accountants must follow to assure that a firm's accounting information is accurate are abbreviated as Blank______.Multiple choice question.SECFASBGAAPCPA
Question
The principles, defined by FASB, that accountants must follow to assure that a firm's accounting information is accurate are abbreviated as Blank______.Multiple choice question.SECFASBGAAPCPA
Solution
The correct answer is GAAP. This stands for Generally Accepted Accounting Principles, which are a set of rules that include the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.
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