Generally accepted accounting principles
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.

Question

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) are subject to change as accounting standards and practices evolve over time. GAAP is not static and must be updated to reflect changes in the economy, technology, and other factors that affect financial reporting.

Generally Accepted Accounting Principles