Generally accepted accounting principles include
A)specific rules, practices and procedures.
B)broad principles and conventions of general applications including underlying concepts.
C)pronouncements by the Emerging Issues Committee.
D)all of these.

Question

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) include specific rules, practices, and procedures as well as broad principles and conventions of general application, including underlying concepts. Additionally, pronouncements by the Emerging Issues Committee are also considered part of GAAP. Therefore, all of the choices are correct.

Generally Accepted Accounting Principles Include