5. **What does GAAP stand for?** A) General Accounting Assessment Principles B) Generally Accepted Accounting Principles C) Government Accounting
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- These are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkWhat can be interpreted from Accounting Standards Codification (ASC), of FASB?What is a “Summary of Significant Accounting Policies”?