The network of conventions,rules,guidelines,and procedures used by the accounting profession is known as generally accepted
A)auditing standards.
B)accounting procedures.
C)accounting principles.
D)auditing principles.

Question

Quizplus · Accepted Answer

The network of conventions, rules, guidelines, and procedures used by the accounting profession is known as generally accepted accounting principles (GAAP). These principles provide a framework for preparing financial statements in a consistent and comparable manner. They guide accountants in how to record transactions, present information, and make accounting decisions. Option A, auditing standards, refers specifically to the rules and procedures auditors follow when conducting an audit, while option D, auditing principles, is not a commonly used term in accounting. Option B, accounting procedures, is too broad and does not accurately reflect the comprehensive nature of GAAP. Therefore, the most appropriate choice is C) accounting principles.

The Network of Conventions,rules,guidelines,and Procedures Used by the Accounting Profession