What are generally accepted accounting principles?
A) a set of globally accepted accounting standards for public companies
B) accounting rules and standards used only for private companies
C) the former financial accounting rules and standards for accountants in Canada
D) what is taught in accounting courses

Question

Quizplus · Accepted Answer

Generally Accepted Accounting Principles (GAAP) were the former financial accounting rules and standards used in Canada before the adoption of International Financial Reporting Standards (IFRS).

What Are Generally Accepted Accounting Principles