accounting systems that must follow gaap. b. external parties for whom financial accounting reports are prepared. c. the role managers play when they are monitoring day-to-day operations and keeping the company on track. d. internal decision makers.

Respuesta :

Accounting systems that must follow GAAP are known as financial accounting systems.

What is GAAP?

  • The U.S. Securities and Exchange Commission adopted the accounting standard known as generally accepted accounting principles (GAAP or U.S. GAAP, pronounced similarly to "gap") (SEC).
  • Although the SEC previously said that it intended to switch from U.S. GAAP to the International Financial Reporting Standards (IFRS), this has been a difficult and unclear process because IFRS differs greatly from GAAP.
  • The two sets of standards will "continue to coexist" for the foreseeable future, the SEC stated more recently, as there is no longer a push to convert more U.S. corporations to IFRS.
  • Extensible Business Reporting Language (XBRL) publications of U.S. GAAP were made available by the Financial Accounting Standards Board (FASB) starting in 2008.

To learn more about GAAP from the given link

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Question:

Accounting systems that must follow GAAP.

a. are known as Financial accounting systems.

b. external parties for whom financial accounting reports are prepared.

c. the role managers play when they are monitoring day-to-day operations and keeping the company on track.

d. internal decision makers.

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