The Rules Adopted by the Accounting Profession as Guides in Measuring

Multiple Choice

The rules adopted by the accounting profession as guides in measuring, recording, and reporting the financial affairs and activities of a business are:

A) Known as generally accepted accounting principles.
B) Abbreviated as GAAP.
C) Intended to make information in financial statements relevant and faithfully represented.
D) Both broad and specific principles.
E) All of these answers are correct.