Which of the following accounting principles is used in the United States?
A) International Accounting Standards Board (IASB)
B) International Financial Reporting Standards (IFRS)
C) Generally Accepted Accounting Principles (GAAP)
D) National Advisory Accounting Standards (NAAS)
E) Financial Accounting Standards Principles (FASP)

Question

Quizplus · Accepted Answer

The United States uses Generally Accepted Accounting Principles (GAAP) for financial reporting. While other accounting principles, such as IFRS, may be used in other countries or by multinational corporations, GAAP is the primary standard for companies operating in the US.

Which of the Following Accounting Principles Is Used in the United