In this simulation, you are asked questions regarding accounting principles. Prepare responses to allparts.

KWW Profossional Simulation Time Remaining 4 hours 30 minutes Generally Accepted Accounting Principlos Unsplit Spit Horie Solk Verticd Spreadsheet Calculator Est Explanation Resources Directions Skuatton At the completion of Bloom Company's audit, the president, Judy Bloom, asks about the meaning of the phrase "in conformity with generally accepted accounting principles" that appears in your audit report on the management's financial statements, Judy observes that the meaning of the phrase must include something more and different than what she thinks of as "principles." SRUaton Explanation Resources Directions (a) Explain the meaning of the term "accounting principles" as used in the audit report. (Do not discuss in this part the significance of "generally accepted.") (b) President Bloom wants to know how you determine whether or not an accounting principle is generally accepted. Discuss the sources of evidence for determining whether an accounting principle has substantial authoritative support. Do not merely list the titles of publications.