Generally accepted accounting principles (GAAP)
A) are changing continually.
B) are sound in theory but rarely used in practice.
C) have eliminated all the weaknesses in accounting practice.
D) are accounting rules formulated by the Internal Revenue Service (IRS).

Question

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) are not static and change over time due to developments in the business world and changes in accounting standards. Updates to GAAP are released by several accounting bodies, including the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).

Generally Accepted Accounting Principles (GAAP)