Problem

Which of the following regarding GAAP is true?a. U.S. GAAP is the body of accounting knowl...

Which of the following regarding GAAP is true?

a. U.S. GAAP is the body of accounting knowledge followed by all countries in the world.

b. Changes in GAAP can affect the interests of managers and stockholders.

c. GAAP is the abbreviation for generally accepted auditing procedures.

d. Changes to GAAP must be approved by the Senate Finance Committee.

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