Answered: What is the role of GAAP (Generally…

What is the role of GAAP (Generally Accepted Accounting Principles) in the practice of accounting, and how do companies ensure compliance with these standards?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 8Q: What is the role of the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board?

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The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
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