Generally accepted accounting principles:
A)Are based on official decrees only.
B)Are based on tradition only.
C)Are based on an accountant's experience only.
D)May change over time.

Question

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) are not fixed rules, but rather a set of guidelines and principles that change over time as the business environment, technology, and circumstances change. They are updated periodically to reflect changes in the business world and ensure that accounting practices remain relevant and accurate. The Financial Accounting Standards Board (FASB) is responsible for issuing accounting standards and continually revising them to keep up with changes in the business world.

Generally Accepted Accounting Principles