Which of the Following Is NOT True About Generally Accepted

Multiple Choice

Which of the following is NOT true about generally accepted accounting principles (GAAP) ?

A) They are outlined in Statements of Financial Accounting Standards.
B) In the United States, they are issued by the Financial Standards Accounting Board.
C) They are stringent, giving firms little latitude in reporting financial situations.
D) Two firms that both follow GAAP can still have significant differences in how they compute their financial outcomes.