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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 58
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.
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.
Explanation
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GAAP stands for Generally Accepted Accou...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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