Generally accepted accounting principles
A)are changing continually.
B)are sound in theory but rarely used in practice.
C)have eliminated all weaknesses in accounting practice.
D)are accounting rules formulated by the Internal Revenue Service.

Question

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) are indeed changing continually to adapt to new financial realities, improve clarity, and address new types of transactions that emerge with economic and technological developments.

Generally Accepted Accounting Principles