"Generally accepted accounting principles include both those principles established by the Governmental Accounting Standards Board and those required by state laws." Indicate whether this statement is true or false and explain why.

Question

Quizplus · Accepted Answer

Only the principles established by the Governmental Accounting Standards Board are recognized as GAAP under Ethics Rule 203 of the American Institute of Certified Public Accountants (AICPA).Financial reports prepared in conformity with non-GAAP state laws or regulations are considered "special reports" and are not the general-purpose external financial statements required by GAAP.

"Generally Accepted Accounting Principles Include Both Those Principles Established by the Governmental