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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 7MC: These are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial...

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