In the Phrase "Generally Accepted Accounting Principles," the Words generally

In the phrase "generally accepted accounting principles," the words generally accepted mean that the principles:

A) Have been adopted by Congress or approved by the voters in a general election.
B) Are acceptable to the tax authority.
C) Are understood and observed by all the participants in the financial reporting process.
D) Have been approved by a majority of the members of the Financial Accounting Standards Board.