7. Which of the following best describes generally accepted accounting principles?" A. The accounting principles have been formulated in the public sector. B. The accounting principles have been O developed on the basis of such factors as usage and practical necessity. C. The accounting principles are the same as laws. D. The accounting principles do not apply to SMES.
7. Which of the following best describes generally accepted accounting principles?" A. The accounting principles have been formulated in the public sector. B. The accounting principles have been O developed on the basis of such factors as usage and practical necessity. C. The accounting principles are the same as laws. D. The accounting principles do not apply to SMES.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:7. Which of the following best
describes generally accepted
accounting principles?
A. The accounting principles have been
formulated in the public sector.
B. The accounting principles have been
O developed on the basis of such factors as
usage and practical necessity.
C. The accounting principles are the same
as laws.
D. The accounting principles do not apply to
SMES.
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