Answered: Which of the following overall…

Business

Accounting

Which of the following overall accounting concepts has a number of exceptions under GAAP?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 5MC

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Question

Which of the following overall accounting concepts has a number of exceptions under GAAP?

a) Historical cost

b) Transaction basis

c) Conservatism

d) Accrual accounting

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