Question: Indicate whether each statement is true or false. (a) GAAP is a set of rules and practices established by the accounting profession to serve as

Indicate whether each statement is true or false.

(a) GAAP is a set of rules and practices established by the accounting profession to serve as a general guide for financial reporting purposes.

(b) Substantial authoritative support for GAAP usually comes from two standard-setting bodies: the FASB and the IRS.

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