Which of the following regarding GAAP is true? a. GAAP is an abbreviation for generally applied accounting
Question:
Which of the following regarding GAAP is true?
a. GAAP is an abbreviation for generally applied accounting principles.
b. Changes in GAAP always affect the amount of income reported by a company.
c. GAAP is the abbreviation for generally accepted accounting principles.
d. Changes to GAAP must be approved by the Senate Finance Committee.
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c GAAP stands for Generally Accepted Accounting Princi...View the full answer
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Related Book For 
Fundamentals Of Financial Accounting
ISBN: 9781265440169
7th Edition
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
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