6. Generally accepted accountingprinciplesOA. Are accounting principles based on lawB. Derived their credibility and authorityfrom law.C. Derive their authority from regulatoryauthorityD. Derive their credibility and authority fromOrecognition and acceptance by theaccountancy profession.

solution : concept Generally accepted accounting principle means the accounting principle that are…

Answered: 6. Generally accepted accounting…

6. Generally accepted accounting principles A. Are accounting principles based on B. Derived their credibility and authority

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

6. Generally accepted accounting
principles
OA. Are accounting principles based on law
B. Derived their credibility and authority
from law.
C. Derive their authority from regulatory
authority
D. Derive their credibility and authority from
Orecognition and acceptance by the
accountancy profession.

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