Which one of these sets forth the common set of standards and procedures by which audited financial statements are prepared?
A) Matching principle
B) Cash flow identity
C) Generally Accepted Accounting Principles
D) Financial Accounting Reporting Principles
E) Standard Accounting Value Guidelines

Question

Quizplus · Accepted Answer

Generally Accepted Accounting Principles (GAAP) sets forth the common set of standards and procedures by which audited financial statements are prepared. The other options are not related to the preparation of audited financial statements.

Which One of These Sets Forth the Common Set of Standards