The Accounting Profession Follows Generally Accepted Accounting Principles as Defined

question 192

Multiple Choice

The accounting profession follows generally accepted accounting principles as defined by

• A) GAAP.
• B) the PCAOB (Public Company Accounting Oversight Board).
• C) the FASB (Financial Accounting Standards Board).
• D) the Sarbanes-Oxley Act.

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Definitions:

Canadian GAAP

The Generally Accepted Accounting Principles in Canada, comprising standards for financial reporting for Canadian companies.

Public Market

A marketplace that is open to the general public, often referring to the stock market where securities are bought and sold.

IFRS

International Financial Reporting Standards, a set of accounting standards globally adopted for financial reporting.

High Quality Financial Information

Financial data that is accurate, reliable, and timely, facilitating effective decision-making.