Development of Generally Accepted Accounting Principles

question 86

Essay

Development of generally accepted accounting principles
(A. )What is meant by the phrase "generally accepted accounting principles"?
(B. )Give the names of three organizations that currently play an active role in the development of accounting principles in the United States.

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Definitions:

Fourteenth Amendment

An amendment to the U.S. Constitution that grants citizenship to all persons born or naturalized in the United States and prohibits states from denying any person equal protection under the law.

Federal Supremacy

The principle that federal law takes precedence over state law in the United States under the Supremacy Clause of the U.S. Constitution.

Article VI

In the context of the U.S. Constitution, Article VI establishes the Constitution, federal statutes, and U.S. treaties as "the supreme Law of the Land," overriding state laws.

Enumerated Power

Specific powers granted to the federal government by the Constitution.