Indicate whether each statement is true or false.

QUESTION

Indicate whether each statement is true or false.

(a) GAAP is a set of rules and practices established by accounting standard-setting bodies to serve as a general guide for financial reporting purposes.

(b) Substantial authoritative support for GAAP usually comes from two standards-setting bodies: the FASB and the IRS.
(a) GAAP is a set of rules and practices established by accounting standard-setting bodies to serve as a general guide for financial reporting purposes. True (b) Substantial authoritative

port for GAAP usually comes from two standards-setting bodies: the FASB and the IRS. False, the support comes from FASB and SEC.

ANSWER:

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