Asked by Alyssa Noriega on May 22, 2024
Verified
Which principles encompass the conventions,rules,and procedures for determining acceptable accounting and financial reporting practices at a particular time?
A) SOX
B) IASB
C) GAAP
D) FASB
GAAP
Generally Accepted Accounting Principles, a collection of commonly followed accounting rules and standards for financial reporting.
Accounting and Financial Reporting
The process of recording, summarizing, and reporting the financial transactions of a business to provide an accurate picture of its financial position and performance.
- Recognize the norms and authoritative organizations that oversee accounting practices.
Verified Answer
Learning Objectives
- Recognize the norms and authoritative organizations that oversee accounting practices.
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