The rules adopted by the accounting profession as guides in measuring, recording, and reporting the financial affairs and activities of a business are
A) both broad and specific principles
B) known as generally accepted accounting principles
C) abbreviated as GAAP
D) intended to make information in financial statements relevant and faithfully represented.
E) All of these

Question

Quizplus · Accepted Answer

The rules adopted by the accounting profession as guides in measuring, recording, and reporting the financial affairs and activities of a business are both broad and specific principles, known as generally accepted accounting principles (GAAP), and are intended to make information in financial statements relevant and faithfully represented. Therefore, all of these choices are correct.

The Rules Adopted by the Accounting Profession as Guides in Measuring