In the phrase "generally accepted accounting principles," the words accounting principles refers to:
A)The standards,assumptions,and concepts that serve as "ground rules" for financial reporting.
B)Ethical standards that prohibit fraudulent or misleading financial reporting.
C)The steps in the accounting cycle.
D)The accounting practices authorized by the Financial Accounting Standards Board (FASB).

Question

Quizplus · Accepted Answer

The words "generally accepted accounting principles" refer to the standards, assumptions, and concepts that serve as the "ground rules" for financial reporting. These principles provide a framework for how financial statements should be prepared and presented, ensuring consistency and comparability between companies' financial reports.

In the Phrase "Generally Accepted Accounting Principles," the Words Accounting