Broad concepts or guidelines and detailed practices that together make up accepted accounting practice at a given time are referred to as:
A) accounting rules and regulations
B) GAAP
C) IRS regulations
D) accounting conventions

Question

Quizplus · Accepted Answer

GAAP stands for Generally Accepted Accounting Principles, which are the broad concepts and detailed practices that form the standard framework for financial accounting.

Broad Concepts or Guidelines and Detailed Practices That Together Make