Which of the following accounting principles does the Securities and Exchange Commission (SEC) require U.S. firms to use when filing their financial statements?
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 Securities and Exchange Commission (SEC) requires U.S. firms to use Generally Accepted Accounting Principles (GAAP) when filing their financial statements.

Which of the Following Accounting Principles Does the Securities and Exchange