A characteristic of generally accepted accounting principles includes:

A. acceptance requires an affirmative vote of Certified Public Accountants.

B. practices that become accepted for at least a year by all industry members.

C. a common set of standards and principles.

D. standards and principles are based a federal statutes.

Question

Business

Kyle Schaefer

9 March, 12:25

A characteristic of generally accepted accounting principles includes:

A. acceptance requires an affirmative vote of Certified Public Accountants.

B. practices that become accepted for at least a year by all industry members.

C. a common set of standards and principles.

D. standards and principles are based a federal statutes.

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Answers (1)

Know the Answer?

Salty · Answer 1

The correct answer is letter "C": a common set of standards and principles.

Explanation:

The Generally Accepted Accounting Principles (GAAP) are a compilation of official rules, standards, and procedures to be used by publicly traded companies to prepare their financial statements. GAAP standards define how businesses record and report their financial data, and are used in accounting practices to ensure consistency and precision.