Which of the following statements about Generally Accepted Accounting Principles (GAAP)is NOT true?
A) GAAP is a set of rule-based accounting standards established by the Financial Accounting Standards Board (FASB).
B) GAAP sets out the standards, conventions, and rules that accountants must follow when preparing audited financial statements.
C) GAAP is complex, providing more than 150 "pronouncements" as to how to account for different types of transactions.
D) All of the statements above are true.

Question

Quizplus · Accepted Answer

All the statements provided about Generally Accepted Accounting Principles (GAAP) are true, reflecting its rule-based nature, its establishment by the FASB, its role in guiding the preparation of audited financial statements, and its complexity with numerous pronouncements.

Which of the Following Statements About Generally Accepted Accounting Principles