Question

What are generally accepted accounting principles?
A.
The set of commonly used accounting standards in the U.S.
B.
The set of commonly used accounting standards worldwide
C.
The set of standards an individual company comes up with on its own
D.
The set of standards for proofreading a financial statement

Answer 1

@undeadknight26

Answer 2

I'd go with C on this one also.

Answer 3

Generally accepted accounting principles (GAAP) are a common set of accounting principles, standards and procedures that companies must follow when they compile their financial statements.

Answer 4

Not 100% sure actually. But I'd personally go with C.