In the phrase "generally accepted accounting principles," the words accounting principles
A)The standards,assumptions,and concepts that serve as "ground rules" for financial reporting.
B)Ethical standards that prohibit fraudulent or misleading financial reporting.
C)The steps in the accounting cycle.
D)The accounting practices authorized by the Financial Accounting Standards Board (FASB).

Question

Quizplus · Accepted Answer

Accounting principles refer to the standards, assumptions, and concepts that serve as the "ground rules" for financial reporting. These principles provide guidelines for preparing and presenting financial statements, ensuring consistency, comparability, and reliability of financial information. Examples of accounting principles include the cost principle, the revenue recognition principle, and the matching principle.

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