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1 January, 09:05

Accounting practices and procedures used to prepare financial statements are calledSelect one:a. SEC. b. FASB. c. GAAP. d. IRB.

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  1. 1 January, 09:23
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    Answer: GAAP

    Explanation: The US Generally accepted accounting principles are the general guidelines of accounting practices and procedures, following which the company has to prepare their financial statements.

    The other options are different boards established to monitor different activities of a business entity.

    Hence, we can conclude that the right answer is GAAP.
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