Which of the following is true of generally accepted accounting principles?

Question

Quizplus · Accepted Answer

A) GAAP includes both detailed practices and procedures and broad guidelines of general application.
B) GAAP is also influenced by pronouncements of standard-setting bodies such as the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).
C) GAAP does change over time as the nature of the business environment changes, with updates and amendments made by standard-setting bodies to reflect new developments and practices in the field of accounting.

Which of the Following Is True of Generally Accepted Accounting