Accountants follow guidelines for professional measurement and disclosure of financial information called:
A)IASB.
B)GAAP.
C)FASB.
D)SEC.

Question

Quizplus · Accepted Answer

GAAP stands for Generally Accepted Accounting Principles, which are set of guidelines and rules that accountants follow to ensure consistency, comparability and accuracy in the financial statements. IASB, FASB and SEC are institutions that may contribute to the development of GAAP, but they are not in themselves the guidelines.

Accountants Follow Guidelines for Professional Measurement and Disclosure of Financial