The Body of Rules and Procedures That Guide the Measurement

question 97

Multiple Choice

The body of rules and procedures that guide the measurement and communication of financial accounting information is known as:

• A)Standards of Professional Compliance (SPC).
• B)Generally Accepted Accounting Principles (GAAP).
• C)Generally Accepted Auditing Standards (GAAS).
• D)Rules of Financial Reporting (RFR).