Question: Generally accepted accounting principles: A . Are based on long used accounting practices. B . Are basic assumptions, concepts, and guidelines in preparing financial statements.

Generally accepted accounting principles:
A. Are based on long used accounting practices.
B. Are basic assumptions, concepts, and guidelines in preparing financial statements.
C. Are detailed rules used in reporting on business transactions and events.
D. Arise from the rulings of authoritative bodies.
E. All of these.
Generally accepted accounting principles: A. Are based on long used accounting

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