The body of rules and procedures that guide the measurement and communication of financial accounting information in the United States is known as:
A)Standards of Professional Compliance (SPC).
B)Generally Accepted Accounting Principles (GAAP).
C)Generally Accepted Auditing Standards (GAAS).

Question

Quizplus · Accepted Answer

Generally Accepted Accounting Principles (GAAP) is the body of rules and procedures that guide the measurement and communication of financial accounting information in the United States. Standards of Professional Compliance (SPC) and Generally Accepted Auditing Standards (GAAS) are related to professional conduct and auditing procedures, respectively, but do not encompass the broader scope of financial accounting principles.

The Body of Rules and Procedures That Guide the Measurement