Indicate whether each of the following statements is true or false. (a) Generally accepted means that these
Question:
Indicate whether each of the following statements is true or false.
(a) "Generally accepted" means that these principles must have "substantial authoritative support."
(b) Substantial authoritative support for GAAP usually comes from two standard-setting bodies: the FASB and the IRS.
(c) GAAP is a set of rules and practices established by the accounting profession to serve as a general guide for financial reporting purposes.
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Related Book For
Financial Accounting Text Only
ISBN: 9780006575405
5th Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
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