What is the body of principles that guides the financial accounting process used to create financial statements?
A)GAAP (generally accepted accounting principles)
B)GRASP (guidelines for reliable accounting standards and procedures)
C)AAASP (American Association of Accountants Standards and Principles)
D)GRAPE (generally reliable accounting principles and ethics)

Question

Quizplus · Accepted Answer

GAAP (generally accepted accounting principles) is the body of principles that guides the financial accounting process used to create financial statements. Choice B, C, and D are not recognized accounting principles.

What Is the Body of Principles That Guides the Financial