Indicate whether each statement is true or false. If false, indicate how to correct the statement. a.

Question:

Indicate whether each statement is true or false. If false, indicate how to correct the statement.

a. GAAP is a set of rules and practices established by accounting standard-setting bodies to serve as a general guide for financial reporting purposes.

b. The primary standard-setting body in the United States is the IRS.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...

Fantastic news! We've Found the answer you've been seeking!