Solution: The accounting standards and concepts used in the preparation of financial statements are called: a. Certified principles of accounting (CPA). b. Generally accepted accounting principles (GAAP) c. Financial accounting standards and boundaries (FASB). d. Standards enforcing consistency (SEC).

Solution: The accounting standards and concepts used in the preparation of financial statements are called: a. Certified principles of accounting (CPA). b. Generally accepted accounting principles (GAAP) c.

Problem

The accounting standards and concepts used in the preparation of financial statements are called:

a. Certified principles of accounting (CPA).

b. Generally accepted accounting principles (GAAP)

c. Financial accounting standards and boundaries (FASB).

d. Standards enforcing consistency (SEC).