Which of the Following Statements Is True of the GAAP

question 60

Multiple Choice

Which of the following statements is true of the GAAP?

• A)It is used by auditors as a guide for their nonaudit services only.
• B)It is the accepted form of accounting principles around the world.
• C)It cannot be modified once established by the American Institute of Certified Public Accountants.
• D)It sets rules for how corporations must set their accounts on their financial statements.

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Definitions:

Self-centered

Describes an individual who is overly focused on their own feelings, needs, or interests, often at the expense of others.

Self-doubt

The feeling of uncertainty about one's abilities, decisions, or worth.

Motivated

Having a desire, willingness, or drive to take action or achieve something, often stemming from personal goals or external incentives.

Mandated

Required or decreed by authority, often referring to laws, policies, or regulations that must be followed.