Which of the following regarding GAAP is true?

QUESTION

Which of the following regarding GAAP is true?
a. U.S. GAAP is the body of accounting knowledge followed by all countries in the world.
b. Changes in GAAP can affect the interests of managers and stockholders.
c. GAAP is the abbreviation for generally accepted auditing procedures.
d. Changes to GAAP must be approved by the Senate Finance Committee.
b. Changes in GAAP can affect the interests of managers and stockholders. GAAP stands for Generally Accepted Accounting Principles. These are the principles that affect the recording and

entation of information in the financial statements. The changes in GAAP can affect the interests of managers and stockholders.

ANSWER:

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