Question

Generally accepted accounting principles_________.

a. are accounting rules formulated by the Internal Revenue Service.
b. are sound in theory but rarely used in real life.
c. have eliminated all errors in accounting.
d. are accounting rules that are recognized as a general guide for financial reporting.

Answer 1

Answer:

d. are accounting rules that are recognized as a general guide for financial reporting.

Explanation:

Generally accepted accounting principles are rules and standards, which are commonly used in the Financial reporting. It provides the guidance for difference accounting and reporting issues. These are published By Financial Accounting Standards Board (FASB). There is no assurance that all accounting errors in accounting have been eliminated, These standards provide the best possible solution for accounting events.