The rules followed by accountants when preparing financial statements are referred to as ________.
A)the accounting process
B)the accounting system
C)Generally Accepted Accounting Practices (GAAP)
D)Financial Accounting Standards Board (FASB)

Question

Quizplus · Accepted Answer

Generally Accepted Accounting Practices (GAAP) are a set of rules and standards that govern the preparation of financial statements in the United States. The Financial Accounting Standards Board (FASB) is the independent organization that sets and updates GAAP.

The Rules Followed by Accountants When Preparing Financial Statements Are