What is the body of principles that guides the financial accounting process used to create financial statements?
A) GAAP (Generally Accepted Accounting Practices)
B) IFRS (International Financial Reporting Standards)
C) IFAS (International Financial Accounting Standards)
D) GFAP (General Financial Accounting Practices)

Question

Quizplus · Accepted Answer

The body of principles that guides the financial accounting process used to create financial statements is GAAP (Generally Accepted Accounting Practices). Option B, IFRS, is a set of international accounting standards, while option C, IFAS, is not a recognized system. Option D, GFAP, is not a recognized system.

What Is the Body of Principles That Guides the Financial