Accounting practices and procedures used to prepare financial statements are called
A) SEC.
B) FASB.
C) GAAP.
D) IRB.

Question

Quizplus · Accepted Answer

GAAP (Generally Accepted Accounting Principles) refers to the standard rules and guidelines for financial reporting, including practices and procedures used to prepare financial statements. SEC (Securities and Exchange Commission) is a U.S. government agency responsible for regulating securities markets, while FASB (Financial Accounting Standards Board) is a private organization that sets accounting standards for U.S. companies. IRB (Internal Review Board) is a term used in research ethics and is not related to financial reporting.

Accounting Practices and Procedures Used to Prepare Financial Statements Are