Indicate whether each of the following statements is true or false. 1. GAAP is a set of
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Indicate whether each of the following statements is true or false.
1. GAAP is a set of rules and practices established by the accounting profession to Generally accepted accounting serve as a general guide for financial reporting purposes. principles.
(SO I)
2. __Substantial authoritative support for GAAP usually comes from two standardsetting bodies: the FASB and the IRS.
3. "Generally accepted" means that these principles must have "substantial authoritative support."
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Related Book For 
Financial Accounting
ISBN: 9780471169208
2nd Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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