Which of the Following Is NOT True About Generally Accepted

question 60

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.

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Definitions:

Container

In software and web development, an element that holds or encapsulates other elements or components for organization or layout purposes.

Tab Control

A graphical control element that allows users to switch between different views or panels within the same window, organizing content into separate tabs.

Text Boxes

Input fields in a user interface that allow users to enter or edit text information.

Command Buttons

User interface elements that trigger actions when clicked, often found in forms and applications.