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Accounting

The document discusses generally accepted accounting principles (GAAP) and their source of authority. It states that GAAP derive their credibility and authority from general recognition and acceptance by the accounting profession rather than from legal proceedings, conceptual frameworks, or natural laws.

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Adassah Uri
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50 views9 pages

Accounting

The document discusses generally accepted accounting principles (GAAP) and their source of authority. It states that GAAP derive their credibility and authority from general recognition and acceptance by the accounting profession rather than from legal proceedings, conceptual frameworks, or natural laws.

Uploaded by

Adassah Uri
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1.

Generally accepted accounting


principles
A. derive their authority from legal
court proceedings.
B. have been specified in detail in
the FRSC Conceptual Framework.
C. are fundamentally truths or
axioms that can be derived from
laws of nature.
D. derived their credibility and
authority from general recognition
and acceptance by the accounting
profession.
1. Generally accepted accounting
principles
A. derive their authority from legal
court proceedings.
B. have been specified in detail in
the FRSC Conceptual Framework.
C. are fundamentally truths or
axioms that can be derived from
laws of nature.
D. derived their credibility and
authority from general recognition
and acceptance by the accounting
profession.
1. Generally accepted accounting
principles
A. derive their authority from legal
court proceedings.
B. have been specified in detail in
the FRSC Conceptual Framework.
C. are fundamentally truths or
axioms that can be derived from
laws of nature.
D. derived their credibility and
authority from general recognition
and acceptance by the accounting
profession.
1. Generally accepted accounting
principles
A. derive their authority from legal
court proceedings.
B. have been specified in detail in
the FRSC Conceptual Framework.
C. are fundamentally truths or
axioms that can be derived from
laws of nature.
D. derived their credibility and
authority from general recognition
and acceptance by the accounting
profession.
1. Generally accepted accounting
principles
A. derive their authority from legal
court proceedings.
B. have been specified in detail in
the FRSC Conceptual Framework.
C. are fundamentally truths or
axioms that can be derived from
laws of nature.
D. derived their credibility and
authority from general recognition
and acceptance by the accounting
profession.
1. Generally accepted accounting
principles
A. derive their authority from legal
court proceedings.
B. have been specified in detail in
the FRSC Conceptual Framework.
C. are fundamentally truths or
axioms that can be derived from
laws of nature.
D. derived their credibility and
authority from general recognition
and acceptance by the accounting
profession.
1. Generally accepted accounting
principles
A. derive their authority from legal
court proceedings.
B. have been specified in detail in
the FRSC Conceptual Framework.
C. are fundamentally truths or
axioms that can be derived from
laws of nature.
D. derived their credibility and
authority from general recognition
and acceptance by the accounting
profession.
1. Generally accepted accounting
principles
A. derive their authority from legal
court proceedings.
B. have been specified in detail in
the FRSC Conceptual Framework.
C. are fundamentally truths or
axioms that can be derived from
laws of nature.
D. derived their credibility and
authority from general recognition
and acceptance by the accounting
profession.
1. Generally accepted accounting
principles
A. derive their authority from legal
court proceedings.
B. have been specified in detail in
the FRSC Conceptual Framework.
C. are fundamentally truths or
axioms that can be derived from
laws of nature.
D. derived their credibility and
authority from general recognition
and acceptance by the accounting
profession.
1. Generally accepted accounting
principles
A. derive their authority from legal
court proceedings.
B. have been specified in detail in
the FRSC Conceptual Framework.
C. are fundamentally truths or
axioms that can be derived from
laws of nature.
D. derived their credibility and
authority from general recognition
and acceptance by the accounting
profession.
Accounting is the process of recording financial transactions pertaining to a business.
The accounting process includes summarizing, analyzing, and reporting these transactions to
oversight agencies, regulators, and tax collection entities.

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