Accounting practices and procedures used to prepare financial statements are called

Question

Quizplus · Accepted Answer

GAAP (Generally Accepted Accounting Principles) is a set of standards, guidelines, and practices used by companies to prepare their financial statements in a consistent and comparable manner. CCRA (Canada Customs and Revenue Agency) is the former name for the Canada Revenue Agency (CRA), which is responsible for administering tax laws and regulations in Canada. CICA (Canadian Institute of Chartered Accountants) is an organization that provided guidance and support to Chartered Accountants in Canada before it merged with two other organizations to form CPA Canada. AcSB (Accounting Standards Board) is a Canadian organization that sets accounting standards for both private and public companies. While all these organizations may have some role to play in accounting practices and procedures, GAAP is the specific set of principles used to prepare financial statements.

Accounting Practices and Procedures Used to Prepare Financial Statements Are