Which of the Following Statements Is True of the Generally

Question 8
Multiple Choice

Which of the following statements is true of the generally accepted accounting principle (GAAP)? A) It is used by auditors as a guide for their nonaudit services only. B) It is the accepted form of accounting principles around the world. C) It cannot be modified once established by the American Institute of Certified Public Accountants. D) It sets rules for how corporations must set their accounts on their financial statements.