Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in the phrase "generally accepted accounting princ

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

60.1K

Verified Solution

Question

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.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Assume that the following facts pertain to a non-cancelable lease agreement between Coco Inc. and Bubs, Corp,...

Accounting
Q

1. Please describe the difference between an accounts receivable and a notes receivable. 2. There are times...

Accounting
Q

eversi Let AW be the work done in quasi static thermodynamic process Which of the...

Physics
Q

You roll a standard die. (Enter your answers as comma-separated lists.)(a) What are the possible...

Basic Math
Q

You have five paintings that you want to hang on your wall, but space for...

Basic Math
Q

12 Which of the following values for x will result in a total Borda count...

Statistics
Q

ASKHIS approach and include short explanations in each step Mssy Question 1 3 pts The...

Statistics
Q

By inspecting the graph of the function find the absolute maximum and absolute minimum on...

Calculus
Q

One advancement that has lowered the barriers many small firms face when building international sales...

Accounting
Q

The four agree to a formula under which they will price the shares pursuant to...

Accounting
Q

Please answer the following questions relating to Ranjot and Himanshu company accounts (in thousands of...

Accounting
Q

When did commission-free trading start being widely available in the stock market and how can...

Finance