The set of standards, assumptions, and concepts that form the "ground rules" for financial reporting in the United States is termed: Select one: a. The conceptual framework. b. Generally accepted accounting principles. c. Statements of Financial Accounting Concepts. d. American standards for certified public accountants.
The set of standards, assumptions, and concepts that form the "ground rules" for financial reporting in the United States is termed: Select one: a. The conceptual framework. b. Generally accepted accounting principles. c. Statements of Financial Accounting Concepts. d. American standards for certified public accountants.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please Introduction and show work and what is correct option and incorrect option why with explanation please no plagiarism
Transcribed Image Text:The set of standards, assumptions, and
concepts that form the "ground rules"
for financial reporting in the United
States is termed:
Select one:
a. The conceptual framework.
b. Generally accepted accounting
principles.
c. Statements of Financial Accounting
Concepts.
d. American standards for certified
public accountants.
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