. Case 1-4 Generally Accepted Accounting Principlesni boninins At the completion of the Darby Department Store audit, the presidentjasks about the meaning of the phrase "in conformity with generally accepted accounting principles," which appears in your audit report on the management's financial statements. He observes that the meaning of the phrase must include more than what he thinks of as "principles." Required; a, Explein the meanin of theeiePrcie as used in the audit report.(Do not b. The president wants to know how, you determine whether or not an accounting principle in this part discuss the significance of t generally accepted.") is generally accepted. Discuss the sources of evidence for determining whether an accounting principle has substantial authoritative support. The president believes that diversity in accounting practice will always exist among independent entities despite continual improvements in comparability. Discuss the arguments that support his belief.t c