The accounting profession is governed by a set of _____.

Question

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The accounting profession is primarily governed by a set of generally accepted accounting principles (GAAP), which are a set of rules and guidelines established by the Financial Accounting Standards Board (FASB) that dictate how financial statements should be prepared and presented. While there are also various laws and regulations that affect accounting, such as the Sarbanes-Oxley Act and tax laws, GAAP is the primary set of standards that govern the profession. Legal precedents and universal ethics may also be important factors that influence accounting practices, but they are not the primary governing principles of the profession.

The Accounting Profession Is Governed by a Set of _____