Broad concepts or guidelines and detailed practices that together make up accepted accounting practice at a given time are referred to as _____.

Question

Quizplus · Accepted Answer

Generally Accepted Accounting Principles (GAAP) are the broad concepts and detailed practices that make up accepted accounting practice at a given time. Accounting rules and regulations may be a part of GAAP, but the term "GAAP" is more comprehensive. Accounting conventions refer to specific practices that are widely used but may not be part of GAAP. Internal Revenue Systems regulations pertain to tax law and are not necessarily part of GAAP.

Broad Concepts or Guidelines and Detailed Practices That Together Make