Which of the following standards is used for preparing financial statements with other accounting principles?

Question

Quizplus · Accepted Answer

GAAP (Generally Accepted Accounting Principles) is the set of standards and guidelines used in the preparation of financial statements in the United States. GAAS (Generally Accepted Auditing Standards) is used for auditing financial statements, not preparing them. Rule 1.320 on Accounting Principles and Principles of the Code of Professional Conduct are specific rules and guidelines for accountants, not overarching standards for financial statement preparation.

Which of the Following Standards Is Used for Preparing Financial