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In the phrase "generally accepted accounting principles," the words generally accepted mean that the principles:...

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Accounting

In the phrase "generally accepted accounting principles," the words generally accepted mean that the principles:

a) Have been approved by a majority of the members of the Financial Accounting Standards Board.

b) Have been adopted by Congress or approved by the voters in a general election.

c) Are understood and observed by all the participants in the financial reporting process.

d) Are acceptable to the Internal Revenue Service.

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