Generally Accepted Accounting Principles are a. theories that are based on physical laws of the universe. b. principles that have been proven correct by academic researchers. c. income tax regulations of the Internal Revenue Service. d. standards that indicate how to report economic events

Question

Mareli Blevins

Business

6 April, 08:00

Generally Accepted Accounting Principles are a. theories that are based on physical laws of the universe. b. principles that have been proven correct by academic researchers. c. income tax regulations of the Internal Revenue Service. d. standards that indicate how to report economic events

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Answers (1)

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Stephen Price · Answer 1

d. standards that indicate how to report economic events

Explanation:

GAAP is the set of standards, principles and procedures which tells us that how to report any econmic event to the other stakeholders of the oraganization. It is issued by the Financial Accounting standard board (FASB). So, the correct option is d. standards that indicate how to report economic events.