70.2K
Verified Solution
Link Copied!
In the phrase "generally accepted accounting principles," the words generally accepted mean that the principles:
a) Have been approved by a majority of the members of the Financial Accounting Standards Board.
b) Have been adopted by Congress or approved by the voters in a general election.
c) Are understood and observed by all the participants in the financial reporting process.
d) Are acceptable to the Internal Revenue Service.
Answer & Explanation
Solved by verified expert
