Which of the Following Is Not True of Accounting Principles

question 43

Multiple Choice

Which of the following is not true of accounting principles?

• A) Financial accountants follow generally accepted accounting principles (GAAP).
• B) Following GAAP allows accounting information users to compare one company to another.
• C) A new accounting principle can be adopted with stockholders' approval.
• D) The Financial Accounting Standards Board (FASB) has primary responsibility for developing accounting principles.

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Definitions:

Proofreading

involves examining text carefully to find and correct typing errors and mistakes in grammar, style, and spelling.

Brainstorming

A creative group technique aimed at generating ideas or finding solutions to problems through spontaneous participation.

Freewriting

A writing technique where the writer writes continuously for a set period without concern for spelling, grammar, or topic coherence, to unlock creativity or solve writing blockages.

Clustering

A method of organizing similar or related items, ideas, or information into groups for analysis or understanding.